What makes a place affordable in BC?
When looking at what makes a place affordable to live, there are several key considerations. Obviously each individual will have their own preference based on personal, more ineffable factors, like a sense of community, outdoor opportunities and proximity to friends and family. However, there are some universal criteria that can help you gauge general affordability, including home prices, rent, household income and population (smaller towns may often be less expensive than larger urban centres).
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Start Trading Today12 most affordable cities in BC
1. Williams Lake
- Average house price: $290,000
- Average rent: $1,267/month
- Median after-tax household income: $63,053
- Population: 11,906
Williams Lake, located in the central part of the Cariboo region of the province, is affordable and has a variety of outdoor activities.
2. Quesnel
- Average house price: $300,000
- Average rent: $800/month
- After-tax household income: $65,000
- Population: 10,000
Quesnel offers a quiet lifestyle with access to outdoor activities, such as hiking and fishing.
3. Terrace
- Average house price: $375,000
- Average rent: $950/month
- Median after-tax household income: $64,419
- Population: 12,000
Terrace is reputed to be an affordable city with a strong sense of community and natural beauty, including rivers and mountains.
4. Prince George
- Average house price: $400,000
- Average rent: $1,300/month
- After-tax household income: $80,000
- Population: 77,000
Prince George is known for its combination of urban amenities and outdoor activities. It also offers frequent sightings of the Northern Lights.
5. Castlegar
- Average house price: $427,450
- Average rent: $1,600/month
- After-tax household income: $75,000
- Population: 8,000
Castlegar is renowned for its outdoor activities and art scene, making it an attractive place to live.
6. Cranbrook
- Average house price: $475,000
- Average rent: $1,700/month
- After-tax household income: $70,000
- Population: 20,500
Cranbrook is popular for outdoor activities, particularly cycling. It’s located in the Kootenays.
7. Prince Rupert
- Average house price: $485,000
- Average rent: $1,200/month
- After-tax household income: $65,000
- Population: 12,300
Prince Rupert is famous for its wildlife, including orcas and grizzlies, and offers lots of fishing.
8. Valemount
- Average house price: $534,000
- Average rent: $1,100/month
- After-tax household income: $60,000
- Population: 1,052
Valemount is a small community near Jasper National Park, known for its laid-back pace and thick snowfall, perfect for winter activities.
9. Hope
- Average house price: $590,000
- Average rent: $1,500/month
- After-tax household income: $70,000
- Population: 6,686
Hope is located just two hours from Vancouver and boasts lovely hiking trails and waterfalls.
10. Nelson
- Average house price: $644,750
- Average rent: $1,500/month
- After-tax household income: $75,000
- Population: 11,106
Nelson is exceptional for winter sports and has a fascinating history that goes back to the Kootenay Silver Rush.
11. Penticton
- Average house price: $644,300
- Average rent: $1,880/month
- After-tax household income: $78,000
- Population: 36,885
Penticton is known for its beautiful weather, wineries and beaches, offering a mix of affordability and a good quality of life.
12. Vernon
- Average house price: $692,705
- Average rent: $1,500/month
- After-tax household income: $85,000
- Population: 44,519
Located in the Okanagan Valley, Vernon is very family-friendly with great skiing, parks, beaches and lovely views.
Most expensive place to live in BC
Vancouver consistently ranks as the most expensive place to live in British Columbia and one of the priciest cities in Canada. The high cost of living is due to things like sky-high house prices, expensive utilities and the cost of basic necessities, like food and gas. Rents are also high. According to a 2024 report from Rentals.ca, Vancouver tops the list for the most expensive rental market, with an average rent of $2,724 per month for a one-bedroom apartment and $3,648 per month for a two-bedroom apartment. The other most expensive cities in the province include Burnaby (which actually ranks higher than Toronto in terms of rent costs), Nanaimo, Kelowna and Abbotsford.
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Get A QuoteHow we determined the cheapest places to live in British Columbia
To determine the most affordable places to live in BC, we considered factors such as average house prices, average rent, household income and population, which we curated from various sources, including: MPMag, Immigration.ca, CMHC, Zolo.
FAQs
Where is the cheapest place to buy a house in BC?
The cheapest places to buy a house in British Columbia are generally found in smaller cities and towns away from the major urban areas. Williams Lake, located in the central part of the Cariboo region, is one of the most affordable options with an average home price of $290,000 and average rent of $1,267. This town, with a population of 11,906, offers lots of outdoor activities (including an annual stampede, which is the second largest in the country) culture and scenic neighbourhoods, making it a great place to live.
Is it cheaper to live in BC or Alberta?
Overall, it is generally cheaper to live in Alberta compared to British Columbia. Housing costs are one of the main factors and the lower housing prices in Alberta translates to a lower living cost, overall. For example, the average cost of a new home in Vancouver is around $1.1 million, whereas in Calgary, the average housing price is approximately $411,500.
Rents are also about 40% less in Alberta than in BC. It’s also worth noting that Alberta has no provincial sales tax, which can significantly reduce the overall cost of goods and services.
Why is BC so expensive to live?
British Columbia is famed for its mild climate, beautiful landscapes, emphasis on outdoor living and culture and food scene. This has ensured that the province is in high demand as a place to live in Canada. Unfortunately, the supply of land and housing is limited and this therefore drives up the pricing of housing and rent, which has a major influence on the overall cost of living.
How much do you need to make in BC to live comfortably?
To live comfortably in British Columbia, you'll need a large income mainly to cover the cost of housing. The average house price in the province is $1,001,736, which is more than double the national average of $490,520. Your income would need to be large enough to cover housing costs, as well as cover daily necessities and be able to put some money aside for savings and discretionary spending. How much money you’ll need to live well in BC comes down to your lifestyle and the specific city you want to live in.
Sources
1. MPAmag.com: Cheapest cities to live in BC (September 2023)
2. Rentals.ca: July 2024 Update Rentals.ca Rent Report (July 2024)
3. MPMag: Cheapest cities to live in BC (September 29, 2023)
4. MPMag: Ranking Canadian Cities By Rental Cost (December 13, 2023)
5. CMHC: British Columbia — Household Income - Average and Median ($)
6. Zolo: Most affordable places to live in BC (April 25, 2024)
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