Finding a home for under $200K in BC is like trying to find a needle in a haystack. And let’s be real, that haystack is most definitely not in Vancouver. In fact, only 12 of the 50 most expensive large cities in Canada have homes for less than $200K, and none of them are in Vancouver (or Toronto, for that matter.)
Point2homes recently evaluated the affordability of housing in the largest cities in Canada, across The Prairies, Atlantic Canada, British Columbia, Québec, and Ontario. The study is based on active listings from Realtor.ca.
On a national scale, only 10% of all homes for sale are priced at or under $200k. So yes, things are looking a little bleak right now. However, there are a few small pockets of affordability if you’re good with rolling up your sleeves and expanding your search. Let’s dive into the nitty-gritty.
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Slim pickings in BC and Ontario:
At the top of the list of 50 largest Canadian cities with listings under $200k is Kawartha Lakes, ON, with 4.8% of listings that would qualify.
Trailing further behind are BC cities like Kelowna (0.96%) and Surrey (0.46%), which are the province’s most affordable – if you can believe it.
Trailing even further behind are Delta (0.27%) and Abbotsford (0.26%), Langley (0.23%), and finally, Richmond and Coquitlam at 0.17%, where the odds of finding something for under $200k are pretty much non-existent.
Unsurprisingly, none of the 3,200 homes currently for sale in Vancouver are for less than $200k. Although the renting game isn’t much easier, there are still some pretty good finds if you’re not willing to part with the city just yet.
Expanding your search:
While it may be slim pickings for homeowning in BC, pickings are still pickings. And if you expand your search to The Prairies, you’ll have a much easier time finding something within your budget.
Concentrations of homes priced below $200k range from 36.5% in Regina, SK, to nearly 7% in Calgary, AB. Edmonton falls somewhere in the middle with nearly 25% of all homes coming in at $200k or less.
In terms of Atlantic Canada, your best bet is Cape Breton, NS (44.2%), Saint John, NB (26.7%), or St. John’s, NL (13.46%).
If you’re looking for a bargain on your future home in BC, perhaps it’s time to set your sights on Kelowna.
Happy house hunting, Vancouver.