Affordability not out of reach for small households in B.C.

Long acknowledged as one of the nation’s most in-demand housing markets, B.C. still has some areas of relative affordability that small households can take advantage of, according to a new report.

The latest analysis by real estate portal Zoocasa looked at the home-price-to-income ratios of the province’s major city, using data from Statistics Canada as a baseline. A lower ratio correlates to a shorter timeline needed to pay off a home purchase.

Unfortunately for single-income households, no B.C. metropolitan market is remotely near the economist-recommended ratio of 3. In red-hot Vancouver, an average home costs at least 32 times the income of a single-earning household, and 14 times that of two-or-more person households.

Read more: New online platform caters to B.C.’s home buyers and sellers

The Zoocasa study ranked B.C.’s most affordable urban markets for housing as follows:

Rank 1 - Prince George

Single Income Ratio: 9

Dual-Income Ratio: 4

Average Price: $347,470

Rank 2 - Kamloops

Single Income Ratio: 12

Dual-Income Ratio: 4

Average Price: $406,768

Rank 3 - Campbell River

Single Income Ratio: 14

Dual-Income Ratio: 6

Average Price: $457,301

Rank 4 - Langford

Single Income Ratio: 14

Dual-Income Ratio: 6

Average Price: $596,816

Rank 5 - Penticton

Single Income Ratio: 15

Dual-Income Ratio: 6

Average Price: $439,957

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