Chilliwack Lake is one of the top ten attractions in Chilliwack according to TripAdvisor.ca. (Jenna Hauck/ Progress file)

Chilliwack Lake is one of the top ten attractions in Chilliwack according to TripAdvisor.ca. (Jenna Hauck/ Progress file)

Chilliwack makes the top 5 list of most affordable cities in B.C.

Ranking considered affordability, economies and growing power for the cities

Chilliwack has landed on the list of B.C’s top five most affordable large cities, according to a report released by Zolo Homebase.

The ranking considered cities of more than 100,000 people and considered three factors when coming up with a score; housing affordability, economic strength and potential for growth. Analysts determined that housing affordability is important, so is a city with opportunities for well-paying jobs that is continuing to grow.

Chilliwack came in at number three on the list with an average 10.02 per cent growth in population and an average home price of $883,000 in 2021, with an average household income of $95,845. Its home-to-price ratio, which is based on average home prices from the most current market trends data and compared it to the average income for either households or single-income earners in that city, was 5.85. A lower score reflects a more affordable housing market.

The report said that Chilliwack offers opportunities to explore, play and relaxation.

Coming in at number four on the list, Victoria had an average 6.3 per cent growth in population and an average home price of $952,000 in 2021, with an average household income of $113,863. Its home-to-price ratio, which is based on average home prices from the most current market trends data and compared it to the average income for either households or single-income earners in that city, was 8.36. A lower score reflects a more affordable housing market.

According to Zolo, Victoria is a city “well known for its parkland and outside lifestyle,” as well as older buildings including the Craigdarroch Castle mansion.

“Among many formal gardens in the city, Butchart Gardens has 55 acres of vivid floral displays, statuary, water features and a carousel,” the report noted.

At number one on the list, Nanaimo had an average 7.28 per cent growth in population and an average home price of $931,000 in 2021, with an average household income of $94,242. Its home-to-price ratio, which is based on average home prices from the most current market trends data and compared it to the average income for either households or single-income earners in that city, was 9.88. A lower score reflects a more affordable housing market.

In Nanaimo, “an abundance of recreation and cultural opportunities give residents a lifestyle second to none,” the report noted.

Kamloops came in as number two on the list with an average 8.02 per cent growth in population and an average home price of $628,000 in 2021, with an average household income of $107,440. Its home-to-price ratio, which is based on average home prices from the most current market trends data and compared it to the average income for either households or single-income earners in that city, was 5.85. A lower score reflects a more affordable housing market.

According to Zolo, Kamloops gives residents the ability to have a “four-season lifestyle” with plenty of craft beer, hiking trails and access to the outdoors.

At number five, this next city might be a shock. More well known for its ranking at the top of most expensive cities lists, Vancouver came in at number five with an average 6.02 per cent growth in population and an average home price of $2.4 million in 2021, with an average household income of $118,508. Its home-to-price ratio, which is based on average home prices from the most current market trends data and compared it to the average income for either households or single-income earners in that city, was 20.13. A lower score reflects a more affordable housing market.

Vancouver, Zolo noted, was the most dense and diverse city in the province, surrounded by mountains and with a “thriving art, theatre and music scene.”


@katslepian

katya.slepian@bpdigital.ca

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Housing