BC is the least affordable province even though people make good money here
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They say the “BC” stands for “bring cash,” and in 2023, as affordability is top of mind for many Canadians, that seems truer than ever.
A recent report from Savvy New Canadians highlights the unaffordability of BC and Vancouver by comparing them to other Canadian provinces and cities.
Using income and expense data from Statistics Canada and cost of living data from Numbeo, the report ranks the most (and least) affordable places to live in Canada.
In a list of 10 provinces ranked by affordability, BC came in last. The report used an estimated income-to-expense ratio and compared median household income to the cost of living. The most affordable provinces had higher income-to-expense ratios.
Savvy New Canadians
BC cost of living
- Estimated income-to-expense ratio: 1.23
- Cost-of-living estimate: $79,591
- Median household income: $97,800
- Median home price: $936,098
- Population: 5,399,118
- Unemployment rate: 5%
According to the data, BC ranks last in the estimated income-to-expense ratio. Expenditures were estimated to be $79,591 – lower than in Alberta but higher than in every other province. However, the median after-tax income for an economic family was $97,800. That’s less than in Alberta ($107,500) and Ontario ($99,100).
The report says that “buying a house in BC costs a fortune, as prices exceed the country’s average.”
“With an unemployment rate slightly lower than Canada’s average, finding a job [in BC] is easy. High living standards exist, especially in large cities like Vancouver and Victoria,” reads the report.
So, according to this data, it seems like even though BC is a high-earning province, it’s still unaffordable.
The report also adapted Numbeo’s 2023 cost of living index to rank Canadian cities in terms of affordability. Vancouver came in number one, followed by Toronto. Other BC cities like Victoria, Nanaimo, and Surrey, also made the most unaffordable cities list.
For more information, including specific stats, you can check out Savvy New Canadians’ report here.
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