Report compares housing prices to incomes in 20 cities
Home affordability depends not only on price but on the buyer’s income—personal finance experts recommend a price-to-income ratio no higher than 3. By that measure, nowhere in B.C. is truly affordable, according to a new ranking of 20 major B.C. cities from Canadian real estate website and brokerage Zoocasa.com. But some are less unaffordable than others.
Prince George and Kamloops have a price-to-income ratio of 4 for a two-person household, and affordability drops off from there. Not surprisingly, Vancouver is the least affordable, with a price-to-income ratio of 14 for a two-person household and 32 for one person.
In BCBusiness’s Best Cities for Work in B.C. in 2018, ranked based on a number of factors, Fort St. John came out on top.
Courtesy of Zoocasa.come