Our Top 3 Most Affordable Cities to Buy a Home in British Columbia.
To no surprise to British Columbian’s, BC ranks as the most expensive province to live in Canada. There is no matching the beautiful landscape and nature we get to enjoy on the beautiful west coast, but it is not a free ride with some of the highest provincial taxes and real estate prices in the country.
Whether you’re a first time buyer trying to get your foot in the door or a couple needing to upgrade to a bigger space for a growing family, everyone in BC is looking at the real estate prices of place like Vancouver, the lower mainland or cities like Victoria and Kelowna and asking if the juice is worth the squeeze.
To open your mind to new possibilities, this month’s blog post is about highlighting some of the up and coming cities in BC that still offer relatively affordable housing options without giving up the lifestyle we’ve come to enjoy in this beautiful province.
#1 – Kamloops
With a reported population just under 100,000 people, Kamloops is one of the fastest growing cities in BC.
If you’re looking for a city that offers all the amenities of a major city in Canada, yet one of the best options for local skiing, hiking, lakeside beaches, fishing, breweries/wineries or golf Kamloops offers a lifestyle that won’t hit your pocket book like some of the major cities further south.
As of January 2023, (according to data from Zolo.ca) the average home price in Kamloops was $767,000.
This is a stark difference from their often-compared counter-part Kelowna, where the average home price averages around $1,300,000 (according to www.kelownarealestatepros.com).
#2 – Courtenay
If you’re open to enjoying some of the best ocean views and island vibes the province has to offer, a scenic 45 minute drive from the Nanaimo ferry terminal, will land you in the beautiful Comox Valley on Vancouver Island with Courtenay being 1 of 3 municipalities in the area.
Courtenay has seen a lot of development over the last few years, with some major investment from big box stores like Costco seeing the potential in setting up shop for the future. According to data from the City of Courtenay as of February 2022, the current population of the Comox Valley is approximately 72,000.
With an average detached home price of about $788,000 it’s not quite as cheap as Campbell River ($708,000) which is another 45 minutes north but is much more situated for growth and won’t require you to give up certain amenities or be too far away from a ferry back to the mainland.
#3 – Prince George
If you’re looking at the last two cities on our list and thinking “That’s great, but where can I buy something under half a million?” follow us up the Fraser River to Prince George, often coined “The Capital of Northern BC”.
According to recent data published on April 24, 2023 by The Prince George Citizen, “single family homes sold for $484,406 on average in Prince George (PG) over the first three months of 2023, down $35,591 from the same period last year”. With many of the major cities in BC not seeing as much of a dip in prices due to the recent increase in interest rates, PG could present some excellent opportunities for those looking to jump up the property ladder.
With a growing population of approximately $89,000, this city is the last intersection before going west towards other growing cities like Terrace and Prince Rupert or east to beautiful Jasper, Alberta.
Life in PG is much slower so you may not have the same level of access to amenities like the other cities mentioned, but if you are looking to afford a home to start a family, or an outdoor enthusiast looking to explore all the best nature without paying an arm and a leg to live there, Prince George may be the spot for you.
There are of course cities we had to leave off this list, that also could offer great opportunities for anyone looking for a more affordable way of life in BC. For example, Nelson, Salmon Arm or Cranbrook offer some great opportunities for real estate prices too.
Have questions on how you can make a move to one of these cities or need a referral to a real estate agent in one of these cities?
Give us a call or schedule a meeting with us to discuss your options.
Article written by: Cody Rowe
Mortgage Consultant
Keywords: First-time buyer, first time buyer mortgage, first time home buyer BC, First time home buyer mortgage
