Where to get the most bang for your buck if you're buying real estate in BC
The pipe dream of owning property in BC could be closer to reality if you know where to look.
A new report revealed the best places to buy a home in BC this year to help make your decision about where to buy easier.
MoneySense, a personal finance magazine owned by Ratehub, partnered with real estate search platform Zoocasa to see which regions and neighbourhoods stand out in terms of offering the greatest value and growth potential.
Which region in Canada do you think topped our 2023 ranking of the best places to buy real estate? #itpaystoknow #realestate
Find out using our new interactive map. Data sourced and analyzed by our partners at @Zoocasa. https://t.co/qodcI2mCzr
ā MoneySense (@MoneySense) April 25, 2023
After two years of soaring home prices, the Canadian real estate market finally began dipping in Spring 2022.
According to theĀ Canadian Real Estate Association (CREA), in January 2022, the national composite benchmark price across all home types was $817,000, and by December, it had fallen by $100,000 to $717,000.
While inflation and high interest rates caused a turbulent year for real estate and the wider economy, the report found that many markets still experienced growth.
So, if you want to take advantage of the cooling housing market, these are the best cities to buy a home in BC right now, according to MoneySense.
Benchmark prices listed include all property types: detached homes, townhouses, and apartment units.
Vancouver Island
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Vancouver Island is the only place in BC where you can find properties that are below the national average price. With a five-year growth rate of 87%, this is the best place for value if you’re buying real estate in BC this year, according to the report.
- Benchmark price 2022: $728,417
- One-year growth: 22%
- Three-year growth: 61%
- Five-year growth: 87%
- Value: 3.24
- National average: $-64,441
Chilliwack and district
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On the Lower Mainland, the best spot to get value for your real estate dollars is in Chilliwack. The benchmark price is significantly lower than other neighbourhoods closer to the City of Vancouver.
- Benchmark price 2022: $793,175
- One-year growth: 11%
- Three-year growth: 60%
- Five-year growth: 69%
- Value: 2.53
- National average: $317
Victoria
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Victoria is more expensive than other Vancouver Island municipalities, but it still beats Vancouver on price and offers slightly more value.
- Benchmark price 2022: $931,650
- One-year growth: 19%
- Three-year growth: 49%
- Five-year growth: 56%
- Value: 2.49
- National average: $138,792
Fraser Valley
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Places in the Fraser Valley are not cheap, but still about $100,000 less on average than in Vancouver and with significantly better growth in recent years.
- Benchmark price 2022: $1,087,083
- One-year growth: 18%
- Three-year growth: 59%
- Five-year growth: 51%
- Value: 2.20
- National average: $294,225
Greater Vancouver
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Vancouver isn’t much of a value buy per se, so it came in last on the list. The average home here is more than $400,000 more expensive than the national average.
- Benchmark price 2022: 1,195,950
- One-year growth:Ā 10%
- Three-year growth: 33%
- Five-year growth: 16%
- Value: 1.11
- National average: $406,384
Home buying in Canada
MoneySense/Zoocasa
MoneySense/Zoocasa
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With files from Daily Hive Staff
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