In 2020, 8,497 properties were sold in the Victoria Real Estate Board region – a 17.1 per cent jump from 2019. (Unsplash)

In 2020, 8,497 properties were sold in the Victoria Real Estate Board region – a 17.1 per cent jump from 2019. (Unsplash)

Here’s how many months you would have to save up to buy a home in these B.C. cities

Best to start planning early, the National Bank of Canada has found

Housing prices have been going up for years in major B.C. cities, but a new report from the National Bank of Canada found it could take hundreds of months to save up for a home in some communities.

In Vancouver, prospective homebuyers would need to earn $230,488 as a household each year in order to afford the cost of a “representative home” in the city. That house, valued at $1,342,184, would still require 409 months of saving up to afford the downpayment. That’s 34 years, assuming this household saved 10 per cent of its income.

For a condo in Vancouver, the numbers were a little better. It would take a household making $127,663 a total of 58 months – nearly five years – to save up for a $633,030 condo.

If 34 years is a little longer than you want to wait to buy a house, you can try Victoria. There, a household making $181,275 would have to save 10 per cent of their income fo 109 months to afford a representative house worth $910,536. That’s just over nine years, compared to 34 for a Vancouver house.

For a condo in Victoria, prospective homebuyers making $102,556 as a household would need to save up for 42 months to afford a $503,072 condo.

ALSO READ: The five most expensive homes for sale in Greater Victoria


@katslepian

katya.slepian@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Want to support local journalism during the pandemic? Make a donation here.

Real estate

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Students from SD62 stepped up to help members in the community with the annual 10,000 Tonight food drive. This year’s organizers had to adapt during the campaign as COIVD-19 public health orders changed. (Black Press Media file photo)
West Shore students step up to make sure community members don’t go without

Students of SD62 are this year’s recipient of the Youth Volunteer Award

A cat died in this house fire in Sidney afternoon. The fire started on the house’s deck and spread from that point. Sidney Volunteer Fire Department Chief Brett Mikkelsen said the permanent presence of crews at the Community Safety Building prevented worse damage. (Photo courtesy of Clayton Firth)
Sidney house fire kills cat, causes extensive damage

Official says fire started on deck and damage to the house could have been worse

Millstream Village is welcoming a new Marshalls location March 9. (Photo courtesy GWL Realty Advisors)
New Marshalls store in Langford brings boost to women in need

Retailer will hold opening ceremony in Millstream Village March 9

Abstract Developments is donating $75,000 to support community programming at The Cridge Centre for the Family. (Courtesy of The Cridge Centre)
Victoria developer builds support for community programs

Abstract Developments donates $75,000 to The Cridge Centre for the Family

February 17, 2021 - Kaelyn (L) and Costin Campbell are Goldstream News Gazette 2021 Local Heroes.
Pint-sized duo inspires others to be green

Costin and Kaelyn Campbell are this year’s Environmental Heroes

A health worker holds a vial of AstraZeneca vaccine to be administered to members of the police at a COVID-19 vaccination center in Mainz, Germany, Thursday, Feb. 25, 2021. The federal state of Rhineland-Palatinate, start with the vaccination of police officers in internal police vaccination centers. (Andreas Arnold/dpa via AP)
B.C. officials to unveil new details of COVID vaccination plan Monday

Seniors and health-care workers who haven’t gotten their shot are next on the list

A boat caught fire in Ladysmith Harbour on Saturday morning. (Photo submitted)
Search underway for missing woman after boat catches fire in Ladysmith harbour

A large boat caught fire on the morning of Saturday, Feb. 27

Lone orca from a pod that made its way north from Georgia Strait and into Discovery Passage on Saturday, Feb. 27, 2021. Photo by Ella Smiley/<a href="https://www.facebook.com/Comoxvalleywildlifesightings/?ref=page_internal" target="_blank">Comox Valley Wildlife Sightings </a>
Island wildlife viewers thrilled by close view of passing Orca pod

Group gives wildlife photographers a classic opportunity to view them off Campbell River shoreline

An investigation is underway after a man was shot and killed by Tofino RCMP in Opitsaht. (Black Press Media file photo)
Man shot and killed by RCMP near Tofino, police watchdog investigating

Investigation underway by Independent Investigations Office of British Columbia.

B.C. Supreme Court in Vancouver on Tuesday December 11, 2018. THE CANADIAN PRESS/Darryl Dyck
B.C.’s compromise on in-person worship at three churches called ‘absolutely unacceptable’

Would allow outdoor services of 25 or less by Langley, Abbotsford and Chilliwack churches

Baldy Mountain Resort was shut down on Saturday after a fatal workplace accident. (Baldy Mountain picture)
Jasmine and Gwen Donaldson are part of the CAT team working to reduce stigma for marginalized groups in Campbell River. Photo by Marc Kitteringham, Campbell River Mirror
Jasmine’s story: Stigma can be the hardest hurdle for those overcoming addiction

Recovering B.C. addict says welcome, connection and community key for rebuilding after drug habit

A Vancouver restaurant owner was found guilty of violating B.C.’s Human Rights Code by discriminating against customers on the basis of their race. (Pixabay)
Vancouver restaurant owner ordered to pay $4,000 to customers after racist remark

Referring to patrons as ‘you Arabs’ constitutes discrimination under B.C.’s Human Rights Code, ruling deems

Most Read