Okanagan makes Top 5 of least affordable home markets list

The Okanagan is the fourth least affordable place in Canada to buy property on a single income

The Okanagan is the fourth least affordable place in Canada to buy property on a single income, according to a new study conducted by Toronto-based real estate brokerage Zoocasa.

Using the Canadian Real Estate Association’s February 2018 home price data and Statistics Canada’s median household income data, Zoocasa calculated how many years it would take to pay off the average home if a buyer contributed 100 per cent of their annual income to the purchase price. The higher the ratio, the longer it would take to pay down the home.

READ ALSO: DOUBLE DIGIT HOUSING COST INCREASES

In the Okanagan Mainline Real Estate Board coverage area, the average home price is listed at $509,545, while a median one-person income is $28,900, which means it would take 18 years of fully-dedicated income to pay down a house.

Worse yet were prospects for home ownership in Greater Vancouver, the Fraser Valley, and Greater Toronto, Ont. which had ratios of 28, 25 and 19, respectively.

READ ALSO: RENTS ON THE RISE

“Financial experts commonly recommend restricting shelter costs to just three times one’s annual income — however, this is outstripped by even the most affordable market in Canada,” reads the report.

On the other side of the spectrum was Saint John, N.B where owning the average-priced home of $171,596 on the regional median income of $39,163, would just require four times the homeowner’s annual earnings.

Following behind that were Greater Moncton, N.B.; and Trois Rivieres, Que., which were all tied with a ratio of 4.

The Five Most Affordable Home Markets

  • Saint John: 4 (average home price: $171,596, median one-person income: $39,163)
  • Greater Moncton: 4 (average home price: $174,800, median one-person income: $39,456)
  • Trois Rivieres: 4 (average home price: $153,591, median one-person income: $34,745)
  • Fredericton: 5 (average home price: $179,981, median one-person income: $34,724)
  • Saguenay: 6 (average home price: $161,587, median one-person income: $29,125)

The Five Least Affordable Home Markets

  • Greater Vancouver: 28 (average home price: $1,071,800, median one-person income: $38,164)
  • Fraser Valley: 25 (average home price: $795,100, median one-person income: $31,568)
  • Greater Toronto: 19 (average home price: $751,700, median one-person income: $39,560)
  • Okanagan Mainline: 18 (average home price: $509,545, median one-person income: $28,900)
  • Victoria: 17 (average home price: $642,800, median one-person income: $37,793)

Just Posted

UPDATED: Mount Eneas fire grows to 1,374 hectares

Regional District Okanagan-Similkameen issues evac alerts for properties in Area F.

UPDATED: Okanagan Mountain Park wildfire evacuation alert lifted

An evacuation alert remains in effect for those on Lakeshore Road

Mount Conkle fire near Summerland 90 per cent guarded

This fire has several good water sources and has good road access which have contributed to the success

Law Creek wildfire still out-of-control

A blaze in West Kelowna still has 129 properties on an evacuation alert

BC Wildfire update on Okanagan blazes

Watch the media briefing on the current fire situation in the Okanagan.

Wildfires near Vernon extinguished

BX, Dee Lake and Irish Creek fires all out

What’s happening this weekend

Follow Social Squad memeber Matthew Abrey to find out what’s happeing this weekend

RCMP help to save goats from wildfire

The fast-approaching wildfire, sparked Thursday, forced the evacuation of five homes

Vernon’s Sparrow signs with Wichita

Vernon product headed to ECHL for pro hockey

VIDEO: Near drowning captured on popular B.C. river

Search and Rescue manager says the popular pastime of floating in the summer is inherently dangerous

Matjicka pulls trick for Silver Stars

Capri Insurance Men’s 55+ Soccer League roundup

Crosswalk vandalism leaves black mark for Cowichan as B.C. Games begin

Rainbow crosswalk defaced just days after being painted

Photo gallery: BC Games Day 1

A brief look at action from the 2018 BC Summer Games in the Cowichan Valley

Most Read