Here are the numbers that matter most when you're deciding whether Vernon works for your budget, side by side with where you're coming from. Every figure names its source and date.
Home prices
| Benchmark, August 2026 | Single-family / detached | Townhouse | Condo / apartment |
|---|---|---|---|
| North Okanagan (AIR) | $794,300 | $545,900 | $302,400 |
| City of Calgary (CREB®) | $744,300 | $415,200 | $295,400 |
| Metro Vancouver (GVR) | $1,799,400 | $1,028,800 | $686,200 |
| Fraser Valley (FVREB) | $1,319,600 | $750,600 | $466,100 |
| Greater Edmonton (RAE, averages*) | $575,575 | $298,238 | $215,422 |
The North Okanagan market was slower in August 2026, with single-family sales down 28.6% from a year earlier and 390 single-family homes for sale, taking 69 days to sell on average (AIR). Slower markets usually mean more choice and more room to negotiate for buyers.
BC Assessment's 2026 roll, which reflects values as of July 1, 2025, put the typical single-family home in the City of Vernon at $721,000 (unchanged from the year before), $910,000 in Coldstream, and the typical Vernon strata home (condo or townhouse) at $400,000.
Rent
| Purpose-built apartments, October 2025 | Vacancy | 1-bedroom | 2-bedroom |
|---|---|---|---|
| Vernon | 3.2% | $1,244 | $1,619 |
| Calgary | 5.0% | $1,582 | $1,914 |
| Edmonton | 3.8% | $1,301 | $1,603 |
Closing taxes
Coming from Alberta, the biggest new cost is B.C.'s property transfer tax: about $13,900 on a $794,300 home. Try your own numbers below, and read the buying guide for the exemptions.
Property transfer tax calculator
Property transfer tax before exemptions: $0
Estimated exemption: $0
Estimated tax to pay: $0
An estimate only, using the B.C. rates and thresholds in effect since April 1, 2024. It ignores the additional tax for foreign buyers (which doesn't apply in the North Okanagan) and lots over 0.5 hectares. Your lawyer or notary confirms the exact amount.
Ongoing costs
- Property tax: City of Vernon taxes are due on the first working day in July (July 2 in 2026), with a 10% penalty on unpaid balances after that. A monthly pre-payment plan is available. Owners who live in their home can claim the home owner grant.
- Speculation and vacancy tax: applies in Vernon (except Predator Ridge) and Coldstream. Principal residences are exempt, but every owner declares by March 31.
- Sales tax: B.C.'s PST is generally 7% on goods and many services. Alberta has none, so budget for it on furniture, appliances and vehicles bought here.
- Car insurance: basic ICBC Autoplan is mandatory and includes $200,000 of third-party liability; most people add optional coverage.
- Mortgage rates: the Bank of Canada held its policy rate at 2.25% on September 2, 2026.
Ask for the strata fees, the property tax and the utility history on every home you consider. Two homes at the same price can cost several hundred dollars a month apart once you add them up.
Common questions
What is the average house price in Vernon, BC?
The Association of Interior REALTORS® reported a North Okanagan single-family benchmark of $794,300 in August 2026, up 0.7% from a year earlier. The average single-family price (excluding lakefront and acreages) was $790,383 that month. BC Assessment's typical 2026 assessed value for a Vernon single-family home was $721,000, based on July 1, 2025 values.
How much is rent in Vernon?
CMHC's October 2025 survey found average purpose-built apartment rents in Vernon of $1,244 for a one-bedroom and $1,619 for a two-bedroom, with a 3.2% vacancy rate.
When are property taxes due in Vernon?
On the first working day in July (July 2 in 2026). The City applies a 10% penalty to unpaid balances after that, and offers a monthly pre-payment plan.
What is the average salary in Vernon, B.C.?
The median employment income in Vernon was $33,600 in 2020, according to the 2021 Census, but that includes part-time and part-year workers, so it is not a typical full-time salary.
The median for wages and salaries alone was $35,200. Both are medians for people aged 15 and over who had that type of income, and both reflect 2020, a pandemic year.
For current benchmarks, B.C.'s minimum wage has been $18.25 an hour since June 1, 2026, and the 2025 living wage for Vernon is $24.10 an hour. The living wage is what a full-time worker needs to cover basic costs, not an average wage.
Can you live on $3,000 a month in Vernon?
It depends on your household, but $3,000 a month of take-home pay is workable for one person in Vernon and very tight for a family.
Here is a simple example. CMHC's average rent for a one-bedroom apartment in Vernon was $1,244 in October 2025, which leaves $1,756 for utilities, food, phone, transport and everything else. A two-bedroom averaged $1,619, leaving $1,381.
For comparison, Vernon's 2025 living wage is $24.10 an hour, one figure weighted across a single adult, a single parent and a family of four. CMHC's averages include long-term tenants in purpose-built apartments, so new listings often ask more.
How much do groceries cost in Canada?
The average Canadian household spent about $8,659 on food bought at stores in 2023, according to Statistics Canada's Survey of Household Spending. That is roughly $720 a month, but it is a national average across households of every size, and the release did not give a B.C. figure for this item.
Prices are still moving: Statistics Canada reported that prices for food bought from stores rose 1.7% year over year in September 2026, after a 2.8% rise in August. Your own bill will depend on household size, where you shop and what you buy, so treat these as ballparks rather than a budget.
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Sources for this page
- Association of Interior REALTORS® – Market statistics, North Okanagan (August 2026)
- Association of Interior REALTORS® – North Okanagan monthly statistics, August 2026 (August 2026)
- CREB® – City of Calgary housing statistics, August 2026 (August 2026)
- Greater Vancouver REALTORS® – stats package, August 2026 (August 2026)
- Fraser Valley Real Estate Board release (via GlobeNewswire) (August 2026)
- REALTORS® Association of Edmonton – monthly release (August 2026)
- BC Assessment – Southern Interior 2026 property assessments (2026 roll, valued July 1, 2025)
- CMHC Rental Market Survey 2025 data tables – British Columbia (October 2025 survey)
- CMHC Rental Market Survey 2025 data tables – Alberta (October 2025 survey)
- Province of BC – Property transfer tax (updated Dec 3, 2025)
- Province of BC – First time home buyers' exemption amounts (effective Apr 1, 2024)
- Province of BC – Newly built home exemption (effective Apr 1, 2024)
- City of Vernon – Property taxes (2026)
- Province of BC – Home owner grant (updated Sep 22, 2026)
- Province of BC – Speculation and vacancy tax: taxable areas (updated Dec 8, 2025)
- Province of BC – Provincial sales tax (PST) (accessed Oct 2026)
- ICBC – Basic insurance and Enhanced Care (accessed Oct 2026)
- Bank of Canada – Policy interest rate (Sep 2, 2026)
- Statistics Canada, Table 98-10-0070-01, income statistics for detailed income sources (2021 Census) (accessed Oct 28, 2026)
- Province of B.C., Minimum wage (updated June 1, 2026) (accessed Oct 28, 2026)
- Living Wage for Families BC, 2025 Living Wage in Vernon (local briefing) (accessed Oct 28, 2026)
- CMHC, Rental Market Survey methodology (accessed Oct 28, 2026)
- Survey of Household Spending, 2023, Statistics Canada (accessed 2026-10-27)
- Consumer Price Index, September 2026, Statistics Canada (accessed 2026-10-27)
Last reviewed October 2, 2026 by Sean Phillips, REALTOR®.