Canadians looking to buy a home in BC should consider affordable small cities like Prince Rupert over large urban centers
— Jordann Kaye, Spokesperson
TORONTO, ONTARIO, CANADA, January 30, 2023 /EINPresswire.com/ — In a data report, Most Affordable Places to Live in BC, Zolo examined 26 small, medium, and large cities to determine where the most affordable places to live in British Columbia were located. The results highlighted that for Canadians looking to buy in BC, fast-growing small and medium-sized cities represent the best value for their dollar.
The report examined home prices, incomes, population growth, and unemployment rates in 26 small, medium, and large cities in BC. The cities were scored on how they faired on each of these variables and then ranked accordingly.
The report revealed that:
-Kamloops, Abbotsford, and Nanaimo are the most affordable large cities with a population of over 100,000
-Prince George, Vernon, and Courtenay are the most affordable medium-sized cities with populations between 30,000 and 100,000
-Fort St. John, Terrace, and Prince Rupert are the most affordable small cities with populations under 30,000
Affordability is an essential metric for anyone considering relocating to a new city, as home prices in British Columbia (though they have dropped recently) are still the most expensive in the country, with an average home price of $911,753 at the end of 2022.
Small and Medium Cities Dominate Affordability Rankings
In today’s environment of high mortgage rates and even higher inflation, affordability is an essential concern for would-be homebuyers. In Zolo’s recent report, the top 16 most affordable cities were small and medium-sized, while the largest cities floundered in the bottom ten rankings.
Squamish, Duncan Least Affordable Cities in BC
The least affordable cities in BC were those with high home prices, relatively lower salaries, high unemployment and slow population growth. The least affordable cities included medium-sized towns like Squamish (ranked 25) and Duncan (ranked 26), followed by major metropolitan cities like Victoria (ranked 24) and Vancouver (ranked 23).
Zolo is one of Canada’s most popular national real estate marketplaces. Over 10 million home shoppers each month use Zolo to level up how they buy, sell, rent, finance and learn about real estate.
Jordann Kaye, Content Marketing Manager and Spokesperson, email@example.com
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