If you could live anywhere in BC, where would you live?
To help you answer this question, Zolo Homebase has compiled a list of Top Most Affordable Cities in BC. The ranking considered cities of more than 100,000 people and considered three factors when coming up with a score: housing affordability, economic strength, and potential for growth. Analysts determined which cities to examine and rank based on the data collected by Statistics Canada in the 2016 Census and recognized that housing affordability and opportunities for well-paying jobs were the biggest determining factors. The home-to-price ratio is based on average home prices from the most current market trends data from Zolo (May 2021) compared to the average income for either households or single-income earners. They also factored in the general quality of life in the respective cities.
We’ve decided to focus on the top 5 most affordable large cities in BC to help you narrow down your best choices. These 5 cities represent a diverse selection of the province’s communities. And with the housing market so volatile, it might be good to know where to look without breaking the bank.
Take a look below at the 5 most affordable large cities in BC:
Nanaimo ranks #1 on the list with an average 7.28 percent growth in population and an average home price of $931,000 in 2021. The average household income is $94,242 and it’s home-to-price ratio is 9.88, a value based on the average home prices from the most current market trends data that was compared to the average income for either households or single-income earners in Nanaimo. The lower the score, the more affordable the housing market is. Nanaimo is said to carry an abundance of recreation and cultural opportunities that give residents a lifestyle second to none.
Second on the list is Kamloops which has an average 8.02 percent growth in population and an average home price of $628,000 in 2021 and an average household income of $107,440. It’s home-to-price ratio is 5.85. Kamloops is known to residents to have a four-season lifestyle with loads of craft beer to go around, many hiking trials, and unlimited access to the great outdoors.
Coming in at number three on the list is Chilliwack with an average 10.02 percent growth in population and an average home price of $883,000 in 2021. The average household income is $95,845 and the home-to-price ratio is 5.85. Chilliwack is known to be a wonderful city that offers opportunities to explore, play, eat, or simply kick back by the campfire into the night. One fun fact about Chilliwack is that pilot training and recreational flights from all around BC and south of the border make up 70% of the annual air traffic movements in the skies above the city.
The capital city of BC ranks as number four with an average 6.3 percent growth in population, an average home price of $952,000, and an average household income of $113,863 in 2021. The home-to-price ratio is 8.36. According to Zolo, Victoria is well known for its parkland and outside lifestyle as well as older buildings like the Craigdarroch Castle mansion. One of the Victoria’s city highlights include the Butchart Gardens, a 55-acre garden full of vivid floral displays, statuary, water features, and a carousel that is known to draw in many visitors across the city.
Now, this might be a shock considering its well-known ranking as one of the most expensive cities. Vancouver has an average of 6.02 percent growth in population, an average home price of $2.4 million, and an average household income of $118,508. The home-to-price ratio is 20.13, making Vancouver the least affordable out of the five. However, if there’s one thing to note, Vancouver is the most dense and diverse city in the province. In addition to its great city life, the city is surrounded by beautiful mountain scenery and consists of a thriving art, theatre, and music scene, making living in Vancouver all the worthwhile.
With this list in mind, where you choose to live and buy a home can all be possible with the right financing tools. And at WiiBid, we strive to serve the best mortgage rates to homebuyers and homeowners all across BC. Borrowers can gain access to low auctioned rates and have full control over their own mortgage, lessening the worry of whether they can afford their home in Nanaimo, Chilliwack, Vancouver or wherever they choose to live. Get access to low mortgage rates today and finance your dream home at your dream city.
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