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.
The monthly payments amount to $2,371.
What kind of home can you get in…
B.C.’s Most Affordable City: Quesnel2
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
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.
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!
* 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