The Cheapest Places to Live in BC - 2021
British Columbia is an attractive place to live due to its picturesque scenery and many opportunities to live a fulfilling life. In BC you’ll see spectacular mountain views everywhere you look! The cost of living in BC is, however, very expensive especially in major cities like Vancouver where buying a house will cost you over $1M. Do you want to live in BC, but are on a tighter budget? We got you covered! Here are the cheapest places to live in BC!
Living in British Columbia
Why Do People Move to BC?
People move to BC for the following reasons:
- Stunning nature views
- Low crime rates
- Employment and investment opportunities
- Mild weather
- Top-notch educational institutions
- To get involved in the film industry
- Cultural diversity
- Outdoor recreational activities: skiing, hiking, fishing, mountain biking and more!
The Top 10 Cheapest Places To Live In BC
Some of the cheapest places to live in BC are located up north or in Vancouver’s suburban cities. Let’s check them out.
Smithers is known for its top-rated skiing facilities and excellent variety of recreational activities for all ages. There’s so much to see and explore in Smithers. It’s definitely a city for an adventurous person. House prices in Smithers are extremely cheap compared to the rest of BC and average at only $330 000. Rent is also very cheap in Smithers and can cost you only $1300 for a 2-bedroom apartment.
Known for its unique craftsmanship and outdoor activities, Cranbrook is a small and family-friendly town of just a little over 20 000 people situated in the Kootenays. The average house price in Cranbrook is very cheap and is around $400 000 for a house situated on ⅓ of an acre of land. Rent is relatively affordable for the area with an average price of $1600 for a 2-bedroom apartment.
4. Prince Rupert
Located on the north side of Kelowna, Vernon is a family-friendly city with great job opportunities. In Vernon you can enjoy skiing, relaxing in a park with a picturesque view and spending some family time at the beach. House prices in Vernon are affordable and average at $440 000. Rent in Vernon is also affordable and averages at $1500.
6. Prince George
Valemount is recognized for its lovely thick snowfall creating picturesque sceneries and excellent sledding opportunities. There are mostly cottages in Valemount making the area very calm and serene. Valemount has very affordable housing options where the average house price is $450 000. In Valemount, you can rent a 2-bedroom apartment for less than $1000 which is extremely cheap for BC.
Penticton is a suburb of Kelowna that is known for its great year-round weather, golden beaches and wineries. The average house price in Penticton is $500 000, which is a bit pricier than some other cities in BC, but much more affordable than Vancouver. Rent, on the other hand, is relatively cheap and averages at $1700 for a 2-bedroom apartment.
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:
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:
- Tenants In Common
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
before taxes, no debts
Maximum Mortgage You Can Afford in BC
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.
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