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 or almost affordable. Homeownership 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.
— Melissa Shaw, Vancouver is Awesome
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