Looking for cheap BC real estate can be difficult because the market is becoming increasingly expensive, and homeowners are not often willing to compromise their prices. However, there are still some cities where it's possible to find cheap properties in British Columbia. In this article, we'll look at some of the cheapest cities to buy cheap real estate in BC. We'll also provide some guidelines for negotiating a fair price for a home.
List Of The Cheapest Cities To Buy Cheap Real Estate In BC
| Cities | Average price for a house |
| Cranbrook | $510,557 |
| Prince Rupert | $307,250 |
| Vernon | $686,476 |
| Williams Lake | $254,357 |
| Nelson | $635,110 |
| Castlegar | $443,092 |
| Penticton | $644,300 |
| Prince George | $270,000 |
| Hope | $535,500 |
| Dawson Creek | $305,512 |
Cheapest Cities To Buy Cheap Real Estate In BC
The following cities offer some of the cheapest properties in BC. If you're on a tight budget or are just starting your career, these ten cities are great places to look for cheap real estate.
#1 Cranbrook
Average monthly rent: $962 for 1 bedroom, $1,491.67 for 3 bedrooms
The average price of a house as of October 2022: $510,557
Expenses of living: 30% lower than the British Columbia average
Population: 20,499
Cranbrook is a city in southeastern British Columbia, It officially became a city on November 1, 1905. Cranbrook is the commercial center of the East Kootenay region of the province.
There are many reasons why Cranbrook is such an affordable place to purchase a property. The city has a relatively low cost of living and numerous employment opportunities.
With a 58.4% employment rate, the average household income of Cranbrook is $67,942.The major industries in the city include mining, forestry, trading, and health care. In addition, Cranbrook is situated close to several major tourist attractions, which provides a steady stream of rental income for investors. The nearby mountains offer ample opportunities for hiking, skiing, and ice climbing in the winter.
While the many lakes in the area provide endless possibilities for swimming, fishing, and boating in the summer, as a result, Cranbrook is an excellent choice for anyone looking for an affordable place to purchase property in British Columbia.
#2 Prince Rupert
Average monthly rent: $778.30 for 1 bedroom, $1,167.45 for 3 bedrooms
The average price of a house as of November 2022: $307,250
Expenses of living: 30% lower than the British Columbia average
Population: 12,165
Prince Rupert is a port city in the Canadian province of British Columbia. The city is situated on Kaien Island, northwest of Metro Vancouver, at the mouth of the Skeena River.
Prince Rupert is Canada's second-largest deep-sea port and is served by Canadian National Railway and Canadian Pacific Railway. The Port of Prince Rupert is the closest deep-water port in North America to Asia. Prince Rupert's employment rate is 59.3%, with an average household income of $73,284.
In Prince Rupert, numerous companies provide services to locals and workers. Waterfront Restaurant, Kaien Island Cafe, Walmart Supermarkets, and Chevron petrol stations are a few of these establishments. Prince Rupert also has many activities, such as fishing, hiking, kayaking, and more.
#3 Vernon
Average monthly rent: $1,299.86 for 1 bedroom, $2,316.67 for 3 bedrooms
The average price of a house as of November 2022: $686,476
Expenses of living: $1,061.30 (without rent for a single person per month)
Population: 44,519
Vernon is located in the Okanagan valley in British Columbia and is known for its sunny weather and beautiful location. Vernon has a median household income in Vernon is $59,353, with an employment rate of 52.8%.
Vernon is home to several attractions, such as the Vernon Winter Carnival, the Vernon Farmers Market, and Kalamalka Lake. Vernon also has several parks and trails for residents to enjoy.
Vernon is a great place to live and work and it is also a great place to raise a family. There are several schools and daycares in Vernon such as Kids Corner Daycare and Vernon Secondary School. Families can also enjoy the many activities Vernon has to offer.
#4 Williams Lake
Average monthly rent: $1,000.00 for 1 bedroom, $1,659.27 for 3 bedrooms
The average price of a house as of November 2022: $254,357
Expenses of living: 30% lower than the British Columbia average
Population: 14,168
Williams Lake is a city in central British Columbia. It is located as the second-largest city in the Cariboo region in terms of its metropolitan population.
Williams Lake is a popular outdoor destination for hiking, fishing, and camping. It has a median household income of 68,831 and an employment rate of 60.2%.
Most residents work in the service industry, followed by manufacturing, retail, and construction. Williams Lake is a vibrant community with something to offer everyone.
#5 Nelson
Average monthly rent: $1,400.00 for 1 bedroom, $2,333.33 for 3 bedrooms
The average price of a house as of November 2022: $635,110
Expenses of living: $2,854( for a single person with rent per month)
Population: 111,382
Nelson is a city located in the Selkirk Mountains on the West Arm of Kootenay Lake in British Columbia, Canada. Nelson is renowned for its fantastic array of meticulously restored historical buildings from the nearby silver rush.
Nelson is a beautiful city with many fun activities, including hiking, biking, skiing, and kayaking. Nelson also has a rich culture with many art galleries, museums, and music festivals. The median household income in Nelson is $56,714, with a 60.6% employment rate. Nelson is a fantastic city to live in if you’re planning to move to British Columbia.
#6 Castlegar
Average monthly rent: $1,500 for 2 bedrooms
The average price of a house as of October 2022: $443,092
Expenses of living: 30% lower than the British Columbia average
Population: 8,992
Castlegar is a town in the West Kootenay region of British Columbia, Canada. It is the second-largest town in the area and a regional commerce and transportation hub.
The Selkirk Mountains, at the confluence of the Kootenay and Columbia Rivers, are home to a thriving local economy based on forestry, mining, and tourism. Castlegar has a median Household Income of $68,800 with a 55.6% Employment Rate.
Castlegar is a great place to live with many activities to do. There are parks, hiking trails, and scenic lookouts. Castlegar has many events, such as Castlegar Sunshine Festival, Castlegar Sculpturewalk, and Castlegar Craft and Farmers Market.
You can also find historical sites like the Doukhobor Discovery Centre. Castlegar is truly a unique place to live.
#7 Penticton
Average monthly rent: $1,666.67 for 1 bedroom, $2,700.00 for 3 bedrooms
The average price of a house as of November 2022: $644,300
Expenses of living: $2,854( for a single person with rent per month)
Population: 36,885
Penticton is a city in the Okanagan Valley, between the Okanagan and Skaha lakes, in the southern interior of British Columbia, Canada. All year long, Penticton is known for having fantastic weather.
The summers are brief, mild, dry, and partly cloudy, while the winters are bitterly cold, snowy, and mostly cloudy. Throughout the year, the temperature rarely falls below 10°F or climbs over 94°F; instead, it typically ranges between 24°F and 85°F.
Skaha Lake Beach and Okanagan Lake Beach are two stunning beaches in Penticton. Penticton is home to many wineries, including Painted Rock Estate Winery and Upper Bench Winery. The average household income in Penticton is $54,219, while the employment rate is 52%.
#8 Prince George
Average monthly rent: $1,275.00 for 1 bedroom, $2,262.50 for 3 bedrooms
The average price of a house as of October 2022 : $270,000
Expenses of living: $1,186.18(without rent for a single person, per month)
Population: 84,809
Prince George is the largest city in northern British Columbia, Canada. The intersection of Highways 16 and 97, as well as the Fraser and Nechako Rivers meeting, are close by.
Prince George is a shopping, dining, recreation, and entertainment hub. The city has several nightclubs, sports bars, pubs, and fine dining venues to choose from, including The Black Clover, The Barking Parrot Bar, Clancy's Pub & Grill, and The Cellar Wine Bar and Kitchen.
Prince George is also home to various parks and trails, making it the perfect place to enjoy the great outdoors. Prince George is a beautiful place to live, work, and play in its proximity to scenic mountains and forests.
#9 Hope
Average monthly rent: $1,500 for 2 bedrooms
The average price of a house as of November 2022: $535,500
Expenses of living: 29% lower than the BC average
Population: 6,686
Hope is a city located in the province of British Columbia in Canada. Hope is situated at the confluence of the Fraser and Coquihalla rivers. The Hope River flows through the town and provides hydroelectric power to the local community.
Hope's labor force provides services to numerous retail, healthcare, hospitality, transportation, and warehousing businesses. Hope offers several attractions, including the Othello Quintette Tunnels and around 100 scattered sculptures and carvings throughout the community.
These and other sights are available for visitors to explore on a self-guided tour. Hope has a Median Household Income of 51,226 with a 45.5% Employment Rate. Hope is a great place to visit or live, with plenty of activities and things to see!
#10 Dawson Creek
Average rent cost: $657 for bachelor, $1,000 for 2 bedrooms
The average price of buying a house as of November 2022: $305,512
Cost of living: 30% lower than the British Columbia average
Population: 6,686
Dawson Creek is a city located in northeastern British Columbia. It's positioned in the Peace River Country's wind- and drought-ravaged grasslands.
The city has been nicknamed “Capital of the Peace” because of its dual roles as the administrative core for the Peace River Regional District and a service hub for the rural villages south of the Peace River.
Dawson Creek also has a village dedicated to historical interpretation and a museum and art gallery. Annual events in Dawson Creek include a rodeo and fall fair.
The Median Household Income in Dawson Creek is $79,211, with a 62.4% Employment Rate. There are plenty of opportunities for work and leisure in Dawson Creek!
Tips And Guidelines For Negotiating A Fair Price For A Home
Tip #1 Make Inquiries
Research is crucial before you enter into a negotiation. Learn the price at which nearby properties similar to yours have recently sold. The market value of the house you're interested in will be apparent to you after reading this.
It's a good idea to find out if the house has recently undergone any repairs or improvements. Your knowledge will affect the amount you're willing to pay for the property.
Tip #2 Get A Home Inspection
Before making any final purchases, you should have a professional home inspection. This will enable you to identify any potential home problems that could ultimately cost you more money.
If the home has any significant issues, you might be able to utilize this knowledge to bargain for a reduced purchasing price. If the seller isn’t willing to allow an inspection, that’s a major red flag.
Tip #3 Hire A Realtor
Working with a knowledgeable realtor is good if you have little expertise in haggling over real estate prices. They will be familiar with the market value of homes in the area and will be able to help you get the best price possible.
Remember, the realtor works for you, so tell them your budget and what you're hoping to pay for the property.
Tip #4 Be Flexible
When you're negotiating a price for a home, it's essential to be flexible. There may be some room for negotiation, but don't expect to get the exact price you want.
Be willing to make concessions on a few sale conditions, such as the closing date or the inclusion of particular furniture or equipment.
Tip #5 Document Everything
It's critical to formalize your agreement once you and the seller have decided on the purchase price. This will protect you in case there are future complications with the sale. Make sure to have a lawyer evaluate the deal before you sign it. Making sure that nothing you agree to goes against your interests is possible by doing this.
By following the recommendations in this article, you may make sure you pay a fair amount for a home. Negotiating the purchase price is a process, but it's well worth going through to save money.
In Summary
There's no better time to buy cheap real estate in British Columbia than now. Depending on what you're looking for and where you want it, there are some great deals. Therefore, these are some of the best cities to check out if you're looking for a fantastic deal on real estate in BC.
Williams Lake real estate starts at $254,357. The typical cost in Prince George is about $270,000. Additionally, you can locate homes for less than $310,000 in Dawson Creek and Prince Rupert.
Selecting the ideal realtor and formalizing your agreement are two critical steps that require your attention. Being as specific as possible with these two is crucial to your real estate success.
FAQs On Cheap Real Estate In BC
Which city in BC has the lowest cost of living?
The city in BC, which has the lowest cost of living, is Castlegar. The cost of living is 30% lower than the BC average, with the average rent cost being $1,500 for 2 bedrooms. This makes Castlegar an attractive city for people looking to save money on their living expenses.
Where are the most affordable places to live in BC?
Dawson Creek, Prince George, Hope, and Castlegar are the most affordable places to live in BC. These cities all have cheap real estate and low living costs compared to the rest of the province. If you're on a budget, these are great places to consider when looking for a place to live in BC.
Is British Columbia good for immigrants?
British Columbia is good for immigrants because it is a welcoming and diverse province. There are many opportunities for work and education, and the cost of living is relatively affordable.
Is there any affordable housing in BC?
Yes, BC has a wide range of affordable housing options, from apartments and condos to single-family homes. Prices will vary depending on the city and type of housing, but cheap real estate options are available throughout the province.
What qualifies as low-income BC?
6A low-income in BC earns less than $21,000 per year after taxes because the average after-tax income in BC is about $35,000 per year.
