Across British Columbia, there are some great places where you can find homes for under $200,000. However, these properties are usually located in smaller cities and towns that are a little bit further from the metropolis.
The housing market in BC is at an all-time low in terms of supply, which makes it difficult for potential homebuyers to get a good deal on a house. It is also causing buyers to relocate out of the province altogether due to the high prices.
1. Vancouver
Vancouver is one of the most expensive cities in Canada to live and rent, but there are still plenty of great deals to be had. This is especially true if you are looking to get into the market as a first-time home buyer, as BC government incentives make it easier for new buyers to afford a down payment.
If you’re looking to purchase a detached home, look for a location that offers good commuter access to the city center. This includes areas like Burnaby, Richmond and New Westminster.
You may also consider a neighbourhood that is more affordable and has a lower property tax rate, as these will help you save money on your mortgage. For example, the town of Clinton in the Thompson Okanagan region is one of the cheapest places to buy a home.
It’s also important to remember that home prices aren’t going to stay low for long, and rising interest rates can make it harder for people to afford a mortgage in the future. As a result, it is best to act sooner rather than later if you are planning to purchase a home in the Vancouver area.
In November, the average price for a detached home in Vancouver was $1,010,000, which was a decline of 10.4% year-over-year. This was the largest decrease in the province, and prices in other areas such as Chilliwack also fell significantly.
2. Victoria
Victoria, BC is one of Canada’s most expensive cities to live in, but there are still many affordable options for those looking to buy a home in the province. In fact, there are 141 cheap houses for sale in Victoria on Point2, starting at $239,500.
The lowest house prices in Victoria are found in the outer suburbs where you can find a variety of well-priced housing options. MLS statistics show that Colwood has some of the lowest condo and townhome prices in the Greater Victoria area while Langford has relatively low priced single family homes, too.
It’s also a good idea to check out the Saanich Penisula where you can find a wide range of reasonably priced houses and condos in areas like View Royal, Esquimalt, and Central Saanich.
But even in these more affordable locations, housing affordability is still not great for most Victoria residents. A new report from Demographia International ranks Victoria 13th out of 20 cities worldwide when it comes to affordability for the average household.
And with the city’s housing shortage, affordability is even worse for families with children. Izzy Adachi, campaign director of the University of Victoria’s student society, says students are often forced to rent out their parents’ home in order to afford rent, which can lead to serious financial struggles for them.
To make matters worse, the city has one of the least affordable rental markets in Canada. According to Pershing Sun, a senior analyst with the Canada Mortgage and Housing Corporation, only one per cent of rental units in Greater Victoria are affordable for households earning the lowest 20 per cent of their incomes.
It’s clear that Victoria needs to address its affordability issues, but that’s no easy task. As a result, Victoria’s real estate market is likely to continue to see significant price increases in the years ahead.
3. Nanaimo
When it comes to the lowest house prices in BC, Nanaimo is one of the most affordable large cities with an average price of $390,000. This is a great option for anyone looking to buy a new home without breaking the bank.
The city also offers a wide range of real estate options with houses for sale in various sizes and styles. You can choose from single-family homes, condos and even beachfront properties.
Aside from the lower house prices in Nanaimo, this area also boasts a mild climate with rainy winters and cool summers. This makes it an ideal place to raise a family.
Another factor that contributes to the city’s affordability is that it is located on Vancouver Island, a popular tourism destination in Canada. This means that many tourists visit the city and are attracted to its scenic beauty, thriving forestry industry and numerous attractions.
Moreover, the city has multiple airports that serve international and domestic flights. It also has a vibrant transportation and boating industry.
If you are a first-time buyer, there are several housing programs available to help you afford a house in Nanaimo. These include a down payment assistance program, which is designed to help people purchase a home without putting their entire savings into the down payment.
Aside from this, there are also Coop housing programs that are available to low-income families. These programs are aimed at helping people own a home for a fraction of what they would normally pay for the same property in the same neighbourhood.
In addition to these affordable housing options, Nanaimo has several neighbourhoods with renowned schools that can be a good fit for your family. These areas are known for their excellent educational opportunities and low crime rates.
4. Parksville
If you’re looking for the lowest house prices in BC, Parksville is the place to look. It’s a great community for young families and retirees alike, thanks to its sandy beaches and thriving tourism industry.
The town is located on Vancouver Island, on the sheltered east coast of British Columbia. Its proximity to Nanaimo and the ferry terminals make it a popular holiday and business destination.
With its vibrant local economy, Parksville is home to a diverse range of businesses and industries. The service and construction sectors are the largest contributors to its economy, along with tourism.
For recreation, Parksville offers a variety of options, including parks and beaches. Rathtrevor Beach Provincial Park in the eastern section of the city is a popular spot for hiking, fishing, cycling, wildlife viewing, camping and windsurfing.
There are also many other parks and recreational opportunities in the surrounding area. The city hosts a sandcastle design competition each summer, and there are numerous events and festivals throughout the year.
This quaint community is also known for its charming downtown centers and excellent dining experiences. Its pristine beaches and raw nature also appeal to those who want to get away from the hustle and bustle of city life.
There are several different housing options available in Parksville, including single-family homes, condos and tourism-related commercial property. Condos are the most common option in the central section of the city, where they typically offer stunning views.
5. Kelowna
Whether you’re looking to relocate your family or buy a home as an investment, Kelowna has an array of property options that can fit your budget. This city on the shores of Okanagan Lake offers a variety of homes, cabins and condos that suit every taste and lifestyle.
Although the housing market has been slowing down in Kelowna, prices are still very affordable. In fact, they’re lower than in most other cities in the province.
The housing market has been driven by people who are migrating from other parts of the country to find cheaper living expenses. This includes students who are staying in the city after they graduate, as well as young professionals who are leaving Vancouver and Victoria in search of a more affordable place to live.
There are also many first-time buyers in the Kelowna area, who often opt for condos and townhouses. These properties can be found in the range of $250,000 to $300,000.
If you’re a first-time buyer, it’s best to start your home hunt with a REALTOR(r). They can help you determine your home search criteria and find you the right property.
Another great option in Kelowna is to consider purchasing a piece of land and building your own home on it. There are nearly 150 different parcels available in the Kelowna area, and you can choose from a wide variety of features, including views, size, and price.
As a result of a steady increase in immigration, Kelowna is one of the fastest-growing cities in Canada. As such, national companies often test and launch new products in Kelowna. As a result, you’ll often see a influx of visitors in the city, particularly during summer.
Among many other things, David A. Grantham is a contributing author to UmassExtension West Vancouver Blo. He is a renowned expert on real estate in BC.
Born in North Vancouver, Louisiana, Dr. Grantham grew up in Lower Lonsdale. He then went on to complete his business degree at the University British Columbia. As of this writing, Grantham has completed over 100 projects, including the development of a high rise building in Vancouver.
He is a husband, father, son, brother, and friend. He was a dedicated outdoorsman and enjoyed sports such as hunting, fishing, scuba diving, and snow skiing. His wife, Alison Grantham, and their two daughters survived him. He is survived by his wife Alison Martin Grantham and two daughters.