Real estate and development is reported to have made up 15 per cent of B.C.’s GDP in 2016
Prince George and Kamloops are close to being affordable for two-person households but far out of reach for single-person households, according to a new report from Zoocasa.
The Toronto-based brokerage firm ranked 20 of the province's major cities based on the home to price income ratio, which calculates how many times the cost of a home is to a household's total gross income.
Personal finance experts recommend that a price-to-income ratio should be no higher than three.In Prince George and Kamloops the price-to-income ratio is four for two-person households.
Home ownership in these two cities is out of reach for single-person households -- increasing to nine times their annual income in Prince George and 14 times in Kamloops.
Vancouver ranked as the most unaffordable major city in B.C. costing an average two person household 14 times their total income and 32 times that of a single earning household.
Zoocasa created the rankings using median household income data from Statistics Canada and average benchmark home prices sourced from regional real estate boards.
Photo Zoocasa
