Here's a shocker: British company says Vancouver is best city to buy property at a young age

The CIA Landlord Insurance survey appears to have lowballed the cost of an apartment

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      For years, Vancouverites have been hearing how expensive real estate is in their town in comparison to average incomes.

      So it might come as a surprise to learn that a British company's survey shows that Vancouver is the "best city to buy a property at a young age".

      CIA Landlord Insurance came to this conclusion after analyzing several factors, including the cost of buying, job availability, average salary, and happiness ratings.

      Wellington came second, followed by Belfast.

      "This score was a result of Vancouver having higher than average salaries, lower utility costs and lower prices of leisure activities such as gym memberships," the company stated. "Toronto also places in the top 10 rankings, suggesting Canada is one of the best countries to buy a property as a young adult."

      The CIA Landlord survey examined 46 cites and listed each by the cost of renting and buying property, monthly utility bills, jobs per capita, and average salary per city per month in British pounds.

      As of today, one pound sterling equals $1.75 in Canadian currency. 

      According to the company's figures, it means that the average monthly cost of renting an apartment in Vancouver's city centre is $2,012 after converting to Canadian dollars.

      It suggested that the cost of buying a two-bedroom apartment is only $364,000 Canadian, which will seem awfully low to most Vancouverites.

      The Real Estate Board of Greater Vancouver says the benchmark price for an apartment in its territory in February was $697,500. The REBGV does not include White Rock, North Delta, Surrey, and Langley, where prices are generally lower than those in cities like Vancouver, Richmond, and Burnaby.

      The survey pegged the monthly cost of basic utility bills in Vancouver at $83.40. That was significantly lower than every other city on the list.

      For example, Vancouver's monthly basic utility bills were listed at only 55 percent as high as those in Toronto, which ranked as the sixth best city for young people to buy a property.

      The CIA Landlord survey listed Vancouver's average salary at $4,493 per month, which translates to about $54,000 annually.

      In the 2016 census, Statistics Canada reported that the median household income in the region was $72,662.

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