4 Metro Vancouver cities among most expensive for 1st-time homebuyers in Canada: report
Posted March 3, 2023 1:45 pm.
Last Updated March 3, 2023 4:01 pm.
It’s no secret that buying a home in Metro Vancouver is atrociously expensive, but for first-time buyers, costs are among the highest in Canada.
According to a new report from market tracker Point2Homes, Vancouver, Richmond, Coquitlam, and Burnaby rank in the top 15 most expensive Canadian cities for first-year homeownership.
Vancouver takes the fifth spot on the list, with the price of the first year of ownership more than $331,600.
It cites things like the costs of down payments, mortgage, property taxes, and insurance make up the year-one funds.
“For new homebuyers, the down payment is the main hurdle — which is particularly difficult for those without outside financial help,” the report reads.
Richmond takes the seventh spot on the list, with first-year costs of more than $314,900.
Coquitlam comes in just under Richmond in the eighth spot, with costs of nearly $296,700.
Burnaby slides into the 11th spot at more than $292,400.
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Also of note is that Toronto ranks in the spot below Vancouver in sixth place, with more than $315,000.
The rest of the top 15 cities on the list are all in southern Ontario, with Richmond Hill taking first place with more than $400,700 in the first year.
For people looking to save up to tackle those first-year costs, the report notes it can take up to about 17 years to cover the costs in the most expensive cities, like Vancouver and Richmond.
“In Richmond Hill, Markham, Oakville, and Vaughan, it takes at least 20 years. Likewise, renters in Toronto and Burlington, ON, would need 17 years, on average — much like those in Vancouver and Richmond, BC,” the report reads.
Five other B.C. cities also made it in the top 50 on the list — Langley, Surrey, Saanich, Kelowna, and Abbotsford.
On the flip side, the top three cheapest spots for first-time homeowners are in Quebec, and are Saguenay, Trois-Rivières, and Québec City, respectively.
Those first-year costs start in the mid $70,000s, more than $257,000 less than in Vancouver.
But B.C. homeowners are getting some breaks, which include some of the country’s most affordable homeowners insurance, as well as comparatively lower property taxes.