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

An architectural rendering of the five storey condo building at 201/203 Dogwood Drive. (BJK Architecture photo)
Five storey condo building proposal at Dalby’s proceeds to public hearing stage

Frank and Mike Crucil of FMC Holdings are hoping to turn Dalby’s Automotive into a five storey condo

Jimmy Seymour was recognized for his outstanding work as the solid waste operator for Stz’uminus First Nation. (Submitted photo)
‘He has a way with the community’, Jimmy Seymour recognized for his dedication to Stz’uminus First Nation

Jimmy Seymour uses his job as solid waste operator to spread kindness through Stz’uminus

LSS’s Parallel Players are hosting an online improv show. (Parallel Players photo)
Ladysmith Secondary School improv team hosts livestream performance

Perfomances will be held Thursday, March 4 and Friday March 5 at 7 p.m.

A boat caught fire in Ladysmith Harbour on Saturday morning. (Photo submitted)
Missing woman’s remains recovered from Ladysmith harbour

The remains of a 60 year old woman were recovered after a boat fire took her life on Feb. 27

Ladysmith Secondary School. (File photo)
Ladysmith Secondary reports another COVID-19 exposure

This makes LSS the school with the most exposure days in the Island Health region currently

B.C. Health Minister Adrian Dix and provincial health officer Dr. Bonnie Henry head for the B.C. legislature press theatre to give a daily update on the COVID-19 pandemic, April 6, 2020. (B.C. government)
B.C. nears 300,000 COVID-19 vaccinations, essential workers next

564 new cases, four deaths, no new outbreaks Thursday

Walter Gretzky father of hockey hall-of-famer Wayne Gretzky waves to fans as the Buffalo Sabres play against the Toronto Maple Leafs during third period NHL hockey action in Toronto on Tuesday, Jan. 17, 2017. THE CANADIAN PRESS/Nathan Denette
Walter Gretzky, father of the Great One, dies at 82

Canada’s hockey dad had battled Parkinson’s disease and other health issues

Municipal Affairs Minister Josie Osborne speaks in the B.C. legislature, March 4, 2021. (Hansard TV)
B.C. Liberals, NDP sing in harmony on local election reforms

Bill regulates paid canvassers, allows people in condo buildings

The intersection of Melrose Street and Third Avenue. (ELENA RARDON / ALBERNI VALLEY NEWS)
Suspect in custody after two pedestrians struck in Port Alberni hit and run

RCMP asking for video footage, credit witnesses for quick arrest

(National Emergency Management Agency)
No tsunami risk to B.C. from powerful New Zealand earthquake: officials

An 8.1 magnitude earthquake shook the north of New Zealand Thursday morning

Comox Valley RCMP had access to 20 Street blocked off between Cousins and Choquette avenues as they conducted a raid of a house on the block. Photo by Terry Farrell
Comox Valley RCMP raid Courtenay problem house, several arrests made

Comox Valley RCMP conducted a raid of a problem house on 20th… Continue reading

(AP Photo/Richard Vogel, File)
Pandemic stress, isolation key factors as to why Canadians turned to cannabis, alcohol

Study found that isolation played key role in Canadians’ substance use

Grand Forks’ Gary Smith stands in front of his Church of the Flying Spaghetti Monster float. Photo: Submitted
Grand Forks’ Flying Spaghetti Monster leader still boiling over driver’s licence photo

Gary Smith, head of the Church of the Flying Spaghetti Monster of B.C., said he has since spoken to lawyers

Most Read