[Map] How much should you earn to buy a 1,500 sq ft home in BC?
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:
- Not surprisingly, in June 2023, it is in Vancouver where you need to earn the most to afford a 1,500 square foot house: expect a gross annual income of $608,746 per household!
- Very close to the centre, the West Vancouver and the North Vancouver City areas have a gross annual salaries required to buy a 1500-square-foot home that exceeds $500,000.
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:
- The average price per square foot for a house in Vancouver ($1,080) is 4.4 times higher than in Prince George ($244).
- The average price per square foot observed in June 2023 across all British Columbia regions was $722.
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.
| City | Price 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 |
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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