Five towns and what you can get for 500k

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A buyer’s market may be emerging on the Lower Mainland, but for many, home prices remain out of reach.

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Rising interest rates likely mean fewer buyers and a slowdown in average price increases. A general downward trend in home sales volumes and increases in average prices are expected throughout the province. Still, the median home price likely won’t drop much below $1 million any time soon.

So what’s a prospective buyer to do? Well, don’t mind looking outside the Lower Mainland and other corners of the province, you can still find relatively reasonably priced homes. Based on a 2022 Moving Waldo survey and a 2021 Zolo analysis of the most affordable places to live in BC, we narrowed down the contenders to five based on supply, variety, and a price hovering around $500k. (Prices valid from August 2).

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“While cities and towns outside of the Lower Mainland have seen significant upward pressure on prices during the pandemic, there are still places in BC where $500,000 goes a long way,” said real estate agent Mary Cleaver of Mary Cleaver Group.

“With the recent increases in interest rates, home prices in many of these areas have started to decline. I suspect further moves by the Bank of Canada could lead to more affordability in secondary markets in the coming months.”

Vernon

It may be the mall of the North Okanagan, but Vernon consistently places itself on most affordable lists. However, many of the homes available in the $500k range are on leased land. Most, if not all, of the products for that price or less, and on unleased land, are townhomes, such as a 1,190-square-foot, two-bedroom, two-bathroom residence priced at $499,900.

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prince george

This sunny northern BC city of 74,000 is a haven for outdoor enthusiasts and financially strapped homebuyers. Half a million can still buy a house with three, four, five or even six bedrooms, and there are a good number on the market. We like a split-level house with three bedrooms, a large backyard, and a flex space currently set up as a martial arts dojo. It’s $485,000 but, as the listing says, “At this price, this house won’t last long!”

Nanaimo

Located on the east coast of Vancouver Island, the namesake of Diana Krall’s famous dessert bar and birthplace has mostly condos and townhomes for half a million dollars or less. A $489,000 two-bedroom, two-bathroom, 994-square-foot townhome in the Pleasant Valley neighborhood is close to amenities and opens to a landscaped backyard. A 1,091-square-foot, two-bedroom, two-bathroom condo near Long Lake is listed at $499,900. Also available: An 884-square-foot, two-bedroom, one-bath home near downtown, with nine-foot ceilings, a claw-foot tub and a little ocean view from the deck. Built in 1914, it is definitely in need of repairs.

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penticton

The sky’s the limit for half a million wackos in this southern Okanagan town, whether a buyer is looking for a townhome or condo. A 1,500-square-foot three-bedroom, two-bathroom townhouse overlooking Penticton Creek is priced at $495,000, and a 1,085-square-foot two-bedroom, two-bathroom condo located along the same creek is $4k more. Three-bedroom, two-bathroom townhome complex priced at $499,900 shares an outdoor pool with other units. The perk of living in Penticton is, of course, access to the mountains, parks, and lakes that make the area a favorite with golfers, hikers, boaters, and skiers.

nelson

The town of West Kootenay of 11,000 has a thriving cultural scene, a brewery, and close proximity to the Whitewater ski area and other outdoor activities. When it comes to buying, Nelson’s housing product for $500k or less includes houses, townhomes and duplexes. A 1,230-square-foot, three-bedroom, two-bathroom heritage home priced at $484,888 features a deck and is near a quaint downtown heritage building.