[Map] How much do you need to earn to buy a 1,500 square foot house in British Columbia?

The province of British Columbia is widely recognized for its appealing real estate opportunities, which has sparked significant interest and attention, with particular attention given to the city of Vancouver. British Columbia recorded a strong rebound in housing sales in May and in light of this significant development, our intention is to conduct a comprehensive analysis of this thriving real estate market.

Source : Redfin.ca, HelloSafe data

Since Vancouver is the city with the highest gross annual salary needed to buy a 1,500 square foot house, we sought to investigate whether this trend extends to the neighboring cities within the Greater Vancouver Area.

Good to know

Calculation Method: The square foot price data collected is valid for June 2023. Our calculation is based on the assumption of a mortgage loan taken out in British Columbia with a personal contribution between 5% and 20%, at a fixed rate for 5 years of 4.89%, over a total period of 25 years, with a debt-to-income ratio of 30% of disposable net income.

$378 ,159: This is the average gross annual income required in British Columbia to buy a 1,500 square foot house

Buying a house is an aspiration for many families in British Columbia. But at what price is this dream available? That’s what we wanted to know, by estimating the gross annual salary required for a household to acquire a 1,500 square foot house in different regions of British Columbia. It turns out that:

Prince George has the lowest gross annual salary to buy a 1,500 square foot house in BC

On the other side of the spectrum, away from the metropolis, we analyzed the lowest gross annual salaries required to buy a 1,500 square foot house in British Columbia. To purchase a 1500 sq. ft. home in June 2023 in the City of Prince George, the household must have a gross annual salary of $117,420. With a gross annual salary of less than $200,000, you can also buy a 1500-square-foot home in Nanaimo ($195,102), Penticton ($191,534), Campbell River ($186,682), Vernon ($177,584) and Kamloops ($156,536).

The price per square foot in Vancouver is $836 more expensive than in Prince George

Logically, the disparities in income required to buy a house between regions are strongly correlated with differences in square foot prices, which are high across British Columbia. Thus, as of June 2023:

Source : Redfin.ca

June 2023 Prices per square foot in British Columbia

For the month of June 2023, we have listed prices per square foot in British Columbia cities from highest to lowest. The top of the ranking corresponds to cities concentrated in the Greater Vancouver Area, and the further away from the metropolis, the lower the prices.

CityPrice per square foot
(house for sale)
Gross annual salary required
to buy a 1,500 square foot house
Vancouver
$1,080$608,746
West Vancouver
$971$538,539
North Vancouver City
$919$505,047
Burnaby
$870$473,486
North Vancouver District
$861$467,688
Richmond
$819$440,636
Port Moody
$800$430,815
Metro Vancouver A
$798$427,109
Belcarra
$780$415,516
Lions Bay
$775$412,296
Coquitlam
$738$388,464
Bowen Island
$719$376,225
Port Coquitlam
$686$357,043
New Westminster
$684$355,748
White Rock
$675$347,886
Victoria
$674$349,277
Tsawwassen
$674$347,240
Pitt Meadows
$649$384,490
Delta
$635$374,815
Anmore
$622$365,363
Langley (Township)
$614$360,023
Surrey
$598$298,290
Langley (City)
$588$341,554
Maple Ridge
$550$314,720
Kelowna
$465$254,458
Abbotsford
$459$217,307
Mission
$420$223,050
Chilliwack
$392$206,025
Nanaimo
$374$195,102
Penticton
$368$191,534
Campbell River
$360$186,682
Vernon
$345$177,584
Kamloops
$311$156,536
Prince George
$244$117,420
Table of prices per square foot to buy a home in British Columbia in June 2023

Methodology

In addition to its expert editorial line around insurance and financial products, HelloSafe explores broader topics relating to global consumption in Canada and around the world. The aim is to decipher certain complex subjects for consumers and to provide everyone with the latest information. It is within this framework that HelloSafe regularly carries out studies on trends relating to current personal finance in Canada.

Reminder of the calculation method: the square foot price data collected is for June 2023 and is taken from Redfin.ca. Our calculation is based on the assumption of a mortgage loan taken out in British Columbia with a personal contribution between 5% and 20%, at a fixed rate for 5 years of 4.89%, over a total period of 25 years, with a debt-to-income ratio of 30% of disposable net income.

About HelloSafe Canada

HelloSafe is a leading platform for comparing financial products (insurance, credit, investments) in Canada. Powered by its unique and powerful technology, HelloSafe provides users with dozens of free and anonymous comparison tools, calculators and expert, up-to-date content. Its platform empowers users to make the best decisions for their wallets and find the right products at the right prices for them.

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Nolwenn Abolivier

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