Vancouver’s reputation as an expensive place to live is known nationwide, with high home prices felt by all generations, from couples looking to purchase their first home to retirees looking to downsize, and everyone in between. If Vancouver is unaffordable for a home-searcher’s budget, the question becomes: where should we live? For many who have the benefit of remote work and flexibility, the answer is to move somewhere outside of the main cities in BC. While here at Auxilium Mortgage we’re big advocates of Vancouver Island (it is our home, after all!), we looked at British Columbia’s seven Land Title Districts for alternative places to live in, for those who find purchasing a home in Vancouver or one of the other major B.C. hubs currently out of reach.
Vancouver District
Vancouver proper boasts an average home price of $1,142,100 and is the largest city by population, home as well to one of the most diverse economies in Canada. It’s no wonder why this city is so desirable to families and professionals looking for the perfect work/life balance that’s close to nature. Stretching from Bowen Island to Maple Ridge, the Greater Vancouver Area has an average home price of $1,253,274. Just shy of ½ of BC residents call this area home (46% to be exact).
While there are many cheaper areas of the Greater Vancouver Area, we recommend two for their appeal to outdoor enthusiasts and fantastic quality of living:
Squamish, with an average house price of $700,419, is known for tourism and the construction industry. Most visitors to Squamish come for the climbing and hiking experiences; the views are like no other! This city has a population of 24k and is quickly growing in popularity with working-age adults (15-64 years old). With a commute of less than an hour to Vancouver, Squamish is a great choice for those who want to get out of Vancouver with more affordable home prices, but still be close to the action.
Sechelt is a coastal fishing town of just over 10k residents (as of 2016) a 40min ferry away from Vancouver, with an average home price of $766,167. With hundreds of kilometers of well-maintained trails and water recreation at your doorstep, Sechelt is the perfect embodiment of the relaxed seaside lifestyle. The main industries in Sechelt are natural resource extraction and manufacturing alongside the bustling fishing industry.
New Westminster District
On the high side of home prices in New Westminster is Abbotsford, with an average home price of $1,086,915. A farming town of 175k residents, this city boasts the highest dollar-per-acre cost in Canada. With over ⅓ of residents commuting to neighbouring municipalities despite living in Abbotsford, we think there are plenty of other great options in the area to call home.
Our main recommendation for those who want to be close to Abbotsford without the high price tag is Chilliwack, with a population of 107k and an average home price of $658,000, this farming town supports transportation eastward from Vancouver’s industrial ports. Chilliwack has an abundance of nature and a growing population, giving residents the best of both worlds when it comes to amenities and big-city comforts.
Victoria District
Auxilium Mortgage’s home base of Victoria is the capital of British Columbia with an average home price of $1,061,700 and a population just shy of 400k residents. Our main industries are the various government organizations and private corporations that also call our beautiful city home, as well as tourism.
While Victoria definitely holds a special place in our hearts, for those who long for the balance between the bustling city and the chance to disconnect in nature without straying too far from home, we recommend Nanaimo. With ¼ of the population of Victoria (at around 100,000) and an average home price of $823,000, Nanaimo is a great hub for commuters into Victoria as well as Vancouver by way of the ferry terminal. Vancouver Island University helps keep the population skewing younger, and Nanaimo is the retail outpost for many large corporations who do business on the Island.
Kamloops District
Gorgeous Kelowna is an agricultural town bordered by plenty of wineries and orchards, with an average home price of $1,030,600 and a population of just over 220k residents. Tourism is the main industry in Kelowna given the wineries and orchards, as well as the ski resorts and lakes just a short drive away.
For those looking for the same great weather and access to nature but without the higher home price tag, check out Kamloops. With half the population of Kelowna (115k) and an average home price of $673,000, Kamloops is a more affordable alternative. A transit hub between Vancouver, Alberta, and beyond due to its location on the Trans Canada Highway, Kamloops offers the same great access to ski resorts and nature.
Nelson District
One of the top skiing destinations in British Columbia, Revelstoke’s home prices are around $750,000 despite its small population of just 7,500 residents. While these prices are likely affected by Revelstoke’s reputation for ski enthusiasts and vacationers, the forestry and transportations are also key in this small town.
We have two recommendations for those looking for the ski town lifestyle. First is Cranbook, with a population of 27,040 but an average home price of $617,229. This forestry town supports local agriculture and ranching in the region, alongside tourism due to its proximity to many skiing and climbing destinations. Of note, the majority of Cranbook residents live in detached homes.
Our second recommendation is Golden, with a population of just 4,000 residents and an average home price of $650k. Golden is close to many provincial parks and a short distance to river rafting, skiing, and other backcountry adventures.
Prince George District
One of the largest cities in Northern BC and a key outpost for natural resource extraction, mining, and forestry, Prince George has a population of 90k residents and an average home price of $504,700. This city is a key outpost for logistics to the Northern BC region, in the way of forestry, mining and general resource extraction.
While it might not be more affordable in terms of home prices, Fort St John offers a slower pace of life with a population of just over 18,600 residents and an average home price of $537,000. This town is critical to BC’s energy sector due to its fuel production, and has a bustling farming culture. Those looking for a rural lifestyle should look no further than Fort St John!
Prince Rupert District
With a population of 12k and an average home price of $491,301, Prince Rupert is a port city that sees a steady flow of fishing products and cargo. While Prince Rupert is remote, residents benefit from BC Ferries’ Northern Expedition vessel.
Just like our recommendation of Fort St John, Daajing Giids (formerly Queen Charlotte City), has higher home prices at $850,000 on average but a population of less than 1000 residents. Founded in 1908, it is the oldest township on the Haida Gwaii archipelago and boasts stunning views.
Vancouver too expensive? Let’s find other options
At Auxilium Mortgage, we pride ourselves on our ability to find solutions to all of our clients’ mortgage challenges. Based in Victoria, we are still able to offer mortgage services throughout all of BC. From bad credit, to needing flexibility in payment terms and finding the right solution to using existing equity in a house, we’re here as the experts you can rely on to help guide you through tough mortgage questions. Contact us today for a no-obligations consultation with a member of our highly qualified mortgage team.