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

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

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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