Finding a home in BC for under $200,000 may seem impossible. But did you know that VanIsle is actually a hotspot for these types of homes?
Maybe hotspot is too strong. It’s more like lukewarm.
And hunting for these homes is a bit like watching the Slapchop guy. You’re never sure if you’re getting a great deal or a huge lemon.
This story isn’t the same in other parts of Canada.
Real estate portal Point2 recently put together the stats for house listings in Canada. They found that about 10% were listed for below $200,000.
If you’re looking for somewhere on the Island to call home, you’ll have better luck finding a less expensive place north of Parksville. In fact, there are two listings in Parksville for $199,000 and $153,000. Two whole listings! And both are just a couple minutes away from the beach!
BC falls far below the national average. Of the 17 cities Point2 included in their report, only 0.16% were listed below $200,000. Kelowna led the pack with 0.96% (woohoo! almost 1%!!!). Bigger places on the mainland like Vancouver, Burnaby, Maple Ridge, Port Coquitlam, New Westminster, and Chilliwack had none.
Neither did Victoria or Saanich.
Absolutely zero.
That makes the 12 active listings under $200,000 in Port Hardy seem like a real win. But compared to the rest of Canada? It’s pretty sad.
But in Cape Breton, Nova Scotia, nearly half their homes are listed for under $200,000. That’s a whopping 44%! It’s a similar story in Regina at 36.5%, Saint John at 26.7%, and Lethbridge at 26.1%.
The sad thing is, homes are moving out of reach for a lot of folks on the Island. There are ways to fix this housing crunch we’re in. They take a little elbow grease, but they also make life better.
House prices across Canada reached an all-time high in November 2021. They’re projected to come down for the next little while. Interest rates are going up, which makes people less excited about a huge mortgage.
But until they come down, we’ll be ranting and raving about the AMAZING affordable dream homes on NorthIsle! And looking for ways to start that housing co-op…
