The Average Home in British Columbia

Alyssa Furtado
by Alyssa Furtado July 25, 2011 / No Comments

The Canadian housing market is very healthy and is outperforming some notable international housing markets. Currently, the average Canadian home price is $365,000, according to CREA (The Canadian Real Estate Association) – an 8.8% improvement from last year.

The average home price in BC is an incredible $588,000 – which single-handedly drives the national average upward. The first eight most expensive cities in Canada all reside in BC1. And they are in order: Vancouver, Richmond, Kelowna, Burnaby, North Vancouver, Victoria, Coquitlam, and New West Minster. Foreign investors, mostly from China, have been keeping the housing market hot in BC.

Let’s take a look at what a monthly mortgage would look like using the ‘average house price’ in BC.

We selected a 5-year fixed rate at 3.59% from the best mortgage rates in BC, using a 20% down payment to avoid CMHC insurance, over a 25-year amortization period.

The monthly payments amount to $2,371.

The Land Transfer Tax in BC, which is considered part of the closing costs, will cost you $9,760.

What kind of home can you get in…

B.C.’s Most Affordable City: Quesnel2

The Average Home in British Columbia

MLS®: N203050, 4 bedrooms, 3 bathrooms

British Columbia`s most affordable city isn`t exactly “affordable” when compared to other provincial cities of the same standing, but it is astonishing the kind of property you can still get. This home sits on 2 acres of land backing out onto a lake. It features a pool, walkout basement, and oak flooring.

B.C.’s most expensive city: Vancouver2

The Average Home in British Columbia

MLS®: V879044, 1 bedroom, 1 bathroom

As Canada’s most expensive city , it’s no surprise that for the provincial average, the most you can muster up is a 750 square foot, one bedroom condo. This property is located right on the harbour in downtown Vancouver boasting such features as granite countertops, radiant in-floor heating, and a gas fireplace.

The Rundown

Buying a home in British Columbia doesn’t come cheap, as residents spend 70 percent of their income on housing. It’s advised that you should spend no more than 35 percent. Home prices in the greater Vancouver area continue to climb and the city now sits as the fourth most expensive English-speaking city. Thinking of moving and buying a house in BC? If you’re not rolling in “dollar signs”, be prepared to downgrade your living arrangements since the average home price in BC is almost $200,000 more than then next highest province!

Sources

* As of July 15, 2011

1 According to the 2011 CREA report http://www.livingin-canada.com/house-prices-canada.html

2 City affordability as determined by Moneysense:  http://list.moneysense.ca/rankings/best-places-to-live/2011/Default.aspx?sc1=4&d1=a&sp2=1&eh=ch


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