A new report by Zoocasa shows most buyers in British Columbia don’t earn enough to afford the average home, and 16 out of 20 markets studied in the province were deemed to be unaffordable.
Zoocasa’s managing editor, Penelope Graham, says the five least affordable markets are all located in Greater Vancouver.
“Obviously the city of Vancouver is the least affordable. There, there was an income gap of almost $100,000,” she said.
Graham says the average home in the Vancouver area costs just over $1.2 million.
Also at the top of the list of least affordable cities are Richmond, Burnaby, North Vancouver and Coquitlam.
But she says further north the situation is reversed.
“Prince George is actually the most affordable market,” Graham said.
She says homes there average just $300,000 and residents earn on average $78,000 per year.
The other most affordable cities are Kamloops, Penticton, Langford and Campbell River.
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