Kelowna named fourth most expensive city in Canada

Many people consider it paradise, but buying your own little piece of it isn’t going to come cheap.

A new study called Demographia International Housing Affordability Survey in Canada has ranked Kelowna as the fourth most expensive city in Canada when it comes to buying a home.

The study compares salary incomes to housing prices.

The study reveals a home is considered affordable when its purchase price is less than three times your gross annual income.

However, in Kelowna, that price is six times more.

But local ReMax owner Cliff Shillington says Kelowna is a lifestyle destination so people who choose to live here will always have to pay a price.

Shillington also adds this is probably the most affordable the city will ever be.

“We have noticed the cost of housing has pretty much flat-lined the last six months so that tells us we are at the bottom of the market,” Shillington said.

Kelowna mayor Sharon Shepherd says the city is doing what it can to soften the high cost of living.

The city is encouraging developers to build more multi-family housing complexes and is pushing for higher wage jobs.

Vancouver was ranked the most expensive city in Canada, followed closely by Victoria and Abbotsford.

Meanwhile the most affordable places to buy a home include Fredericton, Thunder Bay and Windsor.