In the quest for a home under $200K, BC is an arid real estate desert

If you’re a BC resident looking for a home under $200,000, your best option is to stop looking and go elsewhere because it’s a hopeless and futile endeavour.

Point2Homes recently conducted a report on homes under $200,000, saying they’ve become the unicorn of the Canadian Housing Market.

If a home under $200,000 in Canada is a unicorn, it’s a mystical fire-breathing dragon in BC.

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First, toss cities like Vancouver and Burnaby out before digging into what Point2Homes says about British Columbian real estate under $200,000. There are zero options in those cities.

Zero.

Point2Homes states that seven of the 18 most expensive cities in BC have zero homes currently on the market with asking prices under $200,000, and the most populous cities aren’t all that different.

“Of the nearly 3,000 listings in Vancouver, exactly none cost less than $200K, and the same goes for Burnaby. In Surrey, homebuyers have more than 2,300 homes to choose from, but only two of them have asking prices below $200,000. But the ones who really need to hurry and make up their minds are buyers in Abbotsford and Richmond: Each of these two cities had only one home under $200,000 at the time the data was gathered.”

While Point2Homes suggests people in Abbotsford and Richmond need to hurry to cash in on one of those whopping two homes, the odds are they’re probably already gone.

Here is BC’s share of Canadian real estate listings under $200,000. And no, this isn’t a Beaverton article.

Point2Homes

Despite how bad the situation is in BC for a cheap home, it isn’t much better for the rest of Canada, where only 12 large cities have homes for sale for less than $200,000.