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Here are some facts about British Columbia's housing market

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres. Here are some statistics about housing in B.C.
Canadian Press
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The downtown Â鶹´«Ã½Ó³»­skyline is seen in the distance beyond houses in Burnaby, B.C., on Wednesday, July 12, 2023. Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres. THE CANADIAN PRESS/Darryl Dyck

Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation's 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association's August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Â鶹´«Ã½Ó³»­(2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Â鶹´«Ã½Ó³»­pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

The Canadian Press