Where to get rich in BC: Study shows the best cities to build wealth
Folks living in Vancouver spend, on average, 40% of their income on rent, according to rental platform liv.rent. In that financial climate, how are you supposed to build wealth?
Yore Oyster, a personal finance, investment, and crypto exchange digital community, did a study that looked at which cities in Canada were the best places to get rich.
Looking at data from Statistics Canada, CREA, and the federal government, they calculated different cities’ median household income after taxes, monthly cost of living, and GDP per capita.
And got a list of 20 smaller Canadian cities that are the best for getting rich:
“The two other trends that come into play here are high interest rates and the explosion of remote work,” said Bishop.
“Many young people feel it’s next to impossible for them to buy a home in a major Canadian city—but they feel it’s much more realistic for them to buy in a smaller city. We wanted to show readers that they can still become homeowners and become wealthy at the same time: the key is to move out of the major metropolises into a smaller city that supports their wealth-building goals,” he said.
A handful of BC cities made the list, so here are the best places to live in BC if you want to grow your wealth:
Saanich
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- Median household income after taxes: $77,282
- Cost of living (monthly): $2,895
- GDP per capita: $45,103
Coming in on their list at #7 overall, Saanich is the best place in BC to get rich. According to Yore Oyster, Saanich is “building a strong and vibrant community by attracting, supporting, and retaining businesses and residents.”
Kamloops
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- Median household income after taxes: $64,064
- Cost of living (monthly): $2,082
- GDP annual growth rate: 2%
Coming in at #11 on their list, Yore Oyster says Kamloops is a good place to build wealth because of its robust economy, which includes “healthcare, tourism, education, transportation, and natural resource extraction industries.”
Kelowna
- Median household income after taxes: $62,462
- Cost of living (monthly): $2,416
- GDP per capita: $46,828
At #17 overall, Kelowna, known as the most entrepreneur-friendly city in Canada, has a diverse economy and quality post-secondary educational institutions, plus a thriving tourism industry.
Nanaimo
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- Median household income after taxes: $55,838
- Cost of living (monthly): $2,694
- GDP annual growth rate: 2.5%
Just sneaking onto the list at number #19 overall, Nanaimo is the second-largest city on Vancouver Island. “The City of Nanaimo accounts for approximately 1.6% of BC’s GDP,” said Yore Oyster. “With a diversified economic base, the City of Nanaimo is the right place for your business idea.”
You can check out the full list and learn more on Yore Oyster’s website.