Vancouver Island is ranked as the best region to buy a home in B.C. with Chilliwack and the surrounding following, according to rankings gathered by Zoocasa.
Nationally, communities in B.C. were ranked in the middle or lower compared to other provinces based on real estate data from the Canadian Real Estate Association, Statistics Canada and other real estate associations.
Ranking used benchmark prices, yearly price growth, price difference between an area’s benchmark price and the national average, and a value rating of one to five based on these factors.
Of all areas in B.C, Vancouver Island is the most attractive area for buyers with a value rating of 3.24 and a ranking of 14th out of 45 cities. In comparison, Greater Vancouver, which is ranked 44th, received a value rating of 1.11.
Over the last few years, many young professionals, families and those who want to enjoy an outdoor lifestyle are moving to Vancouver Island, said Geoff Pershick, a real estate agent with eXp Realty in North Vancouver.
“People from Calgary, Vancouver, Victoria, are moving to smaller communities and they're typically mortgage-free,” he said. “When you get these influxes over time, you get better restaurants, more people jumping on city councils that aren't 90; just overall communities develop faster. And so you've got amazing places to live that have now basically hit the tipping point.”
Chilliwack received the second-best ranking at 31st with Victoria close behind at 33rd. Pershick said Chilliwack's ranking can be attributed to the lower pricing in the area.
Greater Vancouver was ranked as one of the least attractive communities for buyers. However, Pershick highlighted that is due to low affordability ratings for the area.
“It's such a unique market,” Pershick said. “Every other market in the country, they don't really make any money on appreciation… I know people in Calgary that sold their townhouse recently and they sold it for less than they paid 12 years ago. That never happens here. So we're ranked low because of quote unquote affordability.”
If there had been a ranking for where to invest in property and never have the asset depreciate, Vancouver would rank first, he said.
Of all areas in Canada, Greater Moncton received the highest ranking and a value rating of 4.75, according to Zoocasa. The area has a “hit a tipping point,” making it no longer a “sleeper town,” said Pershick.
“People are getting good jobs. Their house costs them like a quarter million dollars and they're making a quarter million dollars a year. It's a no-brainer and a lovely little community,” he said.