In 2020, 8,497 properties were sold in the Victoria Real Estate Board region – a 17.1 per cent jump from 2019. (Unsplash)

In 2020, 8,497 properties were sold in the Victoria Real Estate Board region – a 17.1 per cent jump from 2019. (Unsplash)

Here’s how many months you would have to save up to buy a house in these B.C. cities

Best to start planning early, the National Bank of Canada has found

Housing prices have been going up for years in major B.C. cities, but a new report from the National Bank of Canada found it could take hundreds of months to save up for a home in some communities.

In Vancouver, prospective homebuyers would need to earn $230,488 as a household each year in order to afford the cost of a “representative home” in the city. That house, valued at $1,342,184, would still require 409 months of saving up to afford the downpayment. That’s 34 years, assuming this household saved 10 per cent of its income.

For a condo in Vancouver, the numbers were a little better. It would take a household making $127,663 a total of 58 months – nearly five years – to save up for a $633,030 condo.

If 34 years is a little longer than you want to wait to buy a house, you can try Victoria. There, a household making $181,275 would have to save 10 per cent of their income fo 109 months to afford a representative house worth $910,536. That’s just over nine years, compared to 34 for a Vancouver house.

For a condo in Victoria, prospective homebuyers making $102,556 as a household would need to save up for 42 months to afford a $503,072 condo.

ALSO READ: The five most expensive homes for sale in Greater Victoria


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

A nurse performs a test on a patient at a drive-in COVID-19 clinic in Montreal, on Wednesday, October 21, 2020. THE CANADIAN PRESS/Paul Chiasson
Interior Health reports 16 new COVID-19 cases

423 cases remain active in the region

The incident happened in downtown Castlegar. Photo: Betsy Kline
Castlegar teen recounts stabbing after stranger breaks into grandmother’s house

The unnamed teen survived a terrifying attack Feb. 21

Pastafarian Gary Smith, pictured here dressed as a pirate, wanted to wear his tricorn (also pictured here) in his driver’s licence photo, arguing that the display was a religious observance. Photo: Facebook
B.C. Pastafarian loses Supreme Court fight to wear pirate hat in driver’s licence photo

Grand Forks’ Gary Smith put his case to the Supreme Court in Rossland early last month

A man wearing a mask against coronavirus walks past an NHS advertisement about COVID-19 in London, Tuesday, Feb. 2, 2021. (AP Photo/Alastair Grant)
92 new COVID-19 cases, no new deaths: Interior Health

The region is reporting 92 cases after the weekend

The Head to Head mentorship program is intent on helping athletes like Black Jack Ski Team’s Adam Heale reach their potential. Photo: Submitted.
Olympian’s Head to Head mentorship program coming to Kootenays

Head to Head promotes mental resilience and physical wellness through mentorship program

Older rental apartments are prime candidates for renovations, and could result in lost affordable housing stock. (Zoë Ducklow photo)
B.C.’s renoviction overhaul a good start, but won’t preserve affordable stock, lawyer says

And still no protection for people who can’t pay rent due to COVID-19

(Photo by Marissa Baecker/Shoot the Breeze)
B.C. WHL teams to hit the ice with Kelowna, Kamloops hub cities

Kelowna, Kamloops centres chosen to host B.C. WHL teams for 24-game regular season

The machines are akin to ATMs and allow drug users at risk of overdose to get hydromorphone pills dispensed to them after their palm has been scanned to identify its unique vein pattern. (CANADIAN PRESS)
Feds dole out $3.5M for ‘vending machines’ to dispense safer opioids in B.C.

The machines are located in four cities across Canada, including Vancouver and Victoria

Kelowna’s lakefront visitor centre is one of 130 around the province. Tourism businesses have been hardest hit by COVID-19 restrictions on travel. (Destination B.C.)
Tourism, small business getting COVID-19 help, B.C. minister says

$300M grant program has delivered $50 million so far

(Black Press file photo)
Agassiz boy, 11, dies from ‘extensive injuries’: Homicide team

Agassiz RCMP were called out Friday to assist with a child in medical distress

Dr. Amit Desai of St. Francis Hospital receives a COVID-19 vaccine on Dec. 17. (Photo courtesy of CHI Franciscan)
B.C. has now vaccinated more people from COVID-19 than total confirmed cases

B.C. has reached a milestone, vaccinating roughly 1.6% of its population from the coronavirus

Nanaimo RCMP are looking for a suspect who smashed the window of an adult toy store and made off with more than $1,200 in merchandise. (File photo)
Vancouver Island sex shop out $1,200 in merchandise after suspect steals ‘colossal’ product

Suspect smashed window of Nanaimo store, cutting himself in the process

Most Read