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

The victim of the homicide on Cowichan Lake Road early Monday morning was 17 years old, and was stabbed in the incident. (Kevin Rothbauer/Citizen)
Duncan homicide victim was 17 years old

RCMP report that teenager was stabbed

It’s been almost a year since the last public performance inside the Chemainus Theatre. (Photo by Don Bodger)
Lead donors pledge $60,000 in matching campaign at the Chemainus Theatre

Perrys, Hiltons and Duncan Iron Works help to Bridge the Gap during COVID shutdown

Doug Routley is the chair of a special committee on reforming the Police Act. (File photo)
Routley selected chair of a special committee on reforming the Police Act

Nanaimo-North Cowichan MLA acknowledges there will be a lot of material to process

Beautiful flowers spring up on Thetis Island during February. (Photo by Kelly Bannister)
Weather conditions cover the full spectrum in February

The only thing missing from the region was a more summerlike feel

Police are investigating after a man was killed at a home on Cowichan Lake Road early Monday morning. (Kevin Rothbauer/Citizen)
Police investigating early-morning murder in Duncan

One arrested after man killed at Cowichan Lake Road home

COVID-19 vaccines were available at a site on East Pender in Vancouver’s Downtown Eastside Feb. 25. (Twitter/Sarahblyth17)
Vancouver’s Downtown Eastside residents offered $5 after getting COVID-19 vaccine

It’s an effort to ‘incentivize people to engage,’ says B.C. Health Minister Adrian Dix

</p>
A survey by Statistics Canada finds Black Canadians earn less than non-visible minority Canadians despite having higher levels of education. (The Canadian Press file photo)
COVID-19 worsened unemployment picture for Black Canadians

Black Canadians also more likely to suffer other hardships

(Black Press Media files)
B.C. teacher transferred then suspended after students report feeling ‘scared, nervous’

Authorities found that teacher did not create inviting, respectful environment for students

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Victoria’s Swartz Bay terminal. (Black Press Media file photo)
BC Ferries offers cheaper, prepaid fare options

Ferry service preparing for busy terminals when travel restrictions are lifted

FILE - Dolly Parton arrives at the 61st annual Grammy Awards on Feb. 10, 2019, in Los Angeles. The Grammy-winning singer, actor and humanitarian posted a video on Tuesday, March 2, 2021, of her singing just before getting her COVID-19 vaccine shot. Parton donated $1 million to Vanderbilt University Medical Center in Nashville, Tennessee for coronavirus research. (Photo by Jordan Strauss/Invision/AP, File)
‘Vaccine, vaccine’: Dolly sings ‘Jolene’ rewrite before shot

The Grammy-winning legend turned 75 this year

Deputy Prime Minister and Minister of Finance Chrystia Freeland speaks about the Fiscal update during a news conference in Ottawa, Monday November 30, 2020. THE CANADIAN PRESS/Adrian Wyld
COVID-19: Wage and rent subsidies, lockdown support to be extended until June

Chrystia Freeland says now is not time to lower levels of support

The area on Cordova Bay Road where ancestral human remains were discovered Feb. 22. (Submitted photo)
Human remains discovery a reminder of B.C. Indigenous culture dug up and displaced

‘These are the people who inspired and birthed the generations that we now have here’

Most Read