For those aspiring to own a home in British Columbia, the hurdles of saving for a house are undeniably daunting.
To make matters worse, a recent study has revealed that the province stands at the bottom of the rankings nationwide following a thorough analysis.
The study conducted by metrovancouverhomesource.com, assessed provinces by considering factors such as housing affordability and living costs, ultimately resulting in a ranking for home saving prospects, with British Columbia ranking as the second-hardest province in Canada when it comes to saving for a home.
Surprisingly, the province where it’s easiest to save for a house is Newfoundland and Labrador, according to the study.
This maritime province takes the top spot on the list of provinces where homeownership is within closer reach for its residents. New Brunswick secures the second place on the list, closely followed by Prince Edward Island in third place.
Meanwhile, Ontario, the country’s most populous province, takes the unfortunate title of being the hardest province in Canada to save for a house.
British Columbia scored 21.61 out of 100 on the Housing Purchase Index, securing the ninth spot among the ten provinces.
Several factors contribute to BC’s ranking as one of the most challenging provinces for prospective homeowners.
Firstly, it boasts the highest average house price in the country, with an eye-popping figure of $996,460. This sky-high housing cost alone makes homeownership a daunting task for many residents.
Moreover, British Columbians must contend with high living costs across the board. This includes expenses related to public transportation, healthcare, and education, all of which rank among the highest in Canada. The burden of these elevated living costs only compounds the challenge of saving for a home.
However, there is a glimmer of hope for those hoping to buy a home in BC. The province stands out for having the lowest average mortgage insurance premiums, providing some financial relief for prospective homebuyers. Despite this, the combination of astronomical house prices and elevated living expenses makes saving for a home in British Columbia an uphill battle for many.
To put it in perspective, Newfoundland and Labrador has positioned itself as the most attractive province for potential homebuyers, claiming the coveted first place with an impressive score of 85.16 out of 100. This province stands out with its remarkable median household income of $57,410, coupled with the second-lowest average house prices in the country, which hover around an affordable $291,806.
“Canadian housing prices have surged amid a turbulent real estate market. However, this study provides useful information on the most affordable locations, complemented by the yearly median household income and cost of living information, serving as a valuable resource for prospective re-locators and first-time homebuyers,” said a spokesperson for Metro Vancouver Home Source commented on the findings.
“Newfoundland and Labrador stands out as the easiest province for those saving for a home, thanks to its high median income and comparatively low house prices. Furthermore, the province’s low food, childcare, healthcare and education costs make it an optimal choice for first time buyers who are looking to start a family in the near future.”