Top 10 Cheapest places to live in British Columbia with the Best quality of life – 2023

 Affordable Housing Options in BC

Even in BC’s cheapest cities, the average cost of buying a home sits around $400 000 which is considered expensive for most people. If you’re looking for a cheap way to live almost anywhere and avoid breaking the bank, check out the affordable housing options below.

1. Coop Housing in BC

Usually for low to moderate income families, Coop housing in BC is an affordable way to own shares on a property without having to live paycheck to paycheck because of your huge mortgage. When living in a Coop, you’ll have to contribute to general maintenance and you’ll most likely have only a small personal space. 

If you meet the criteria, you might qualify for Coop housing in BC:

• You must either have a family (minimum of two people including a dependent child), be a senior of 55 or above, have disability, or you must be a single couple with a low income.
• You must be a citizen of Canada and reside in the country.
• Your assets must be less than $100,000.
• You must not meet any factors for exclusion like bad tenancy history and fraud.

You can find a Coop housing community in BC on the chfbc website. 

2. Tiny Houses in BC

Tiny houses are small houses of around 400 sq ft. that are usually on wheels so they can easily be parked and transported. A tiny house can cost anywhere from $10 000 to $150 000 depending on who built it, the materials used and how big it is. Just like in the rest of Canada, it’s nearly impossible to find a legal place to park a tiny house full-time in BC. Advocates are pushing to create more tiny house communities across BC so that people can call their tiny houses their primary residences. 

Tiny house communities in BC: 

• Wheatgrass Community 
• Tofino Tiny Home
• Bluegrass Meadows Micro Village 
• Grand Forks
• Maple Ridge

3. Getting Roommates in BC

With the elevated costs of rent, getting Roommates in BC is a great way to reduce your housing costs each month. Students in Vancouver mostly get roommates so they can be near their university without having to overspend on their rent or travel from far. 

The three main types of roommates in BC are:

• Co-Tenants
• Tenants In Common
• Roommates/Occupants

4. First Time Home Buyer Incentive In BC

The First Time Home Buyer Incentive was initiated in 2019 by the Canadian Government to help home buyers afford the down payment on their first home.

The type of property you want to buy determines the amount that the government will help you with.

• 5% of the purchase price of an existing or mobile home.
• 5% or 10% of the purchase price of a newly constructed home.

You’ll have to repay the incentive within 25 years and there is no interest attached to it. 

5. Putting Down the Minimum Down Payment

You can still live in your ideal location in BC, by putting down only the minimum down payment (5%). While putting down the minimum down payment will automatically oblige you to pay the Mortgage Loan Insurance (approx 2.4% of your mortgage), it will allow you to buy a property quicker. 

Minimum down payment regulations in BC: 

• If the cost of the house is less than $500,000, the minimum down payment is 5%.
• If the cost of the house is between $500,000 and $999,999, the minimum down payment is 5% of the first $500,000 and 10% of any amount over $500,000.
• If the cost of the house is 1,000,000 or more, the minimum down payment is 20%.

How Much Mortgage Can I Afford In BC?

Mortgages given to you by a bank depend on the amount of money you earn, debts incurred, and your general living expenses. The higher mortgage you can afford, the more expensive a home you can afford to purchase.

Homes are generally expensive in BC, so to find out how much mortgage you can afford, use this Mortgage Calculator Tool based on your household income, debts and down payment amount. 

Mortgage Affordability in BC

(*CMHC)

Conclusion

Though BC has quite expensive places to live in, there are still very affordable places where you can live cheaply and have a quality life. With this list of top 10 cheapest places where you can live in BC, you should be able to make a choice after determining what type of housing you can afford based on your income and lifestyle.

Are you moving to BC soon? Check out some of the best movers in Vancouver and the surrounding areas.