Prince George Housing Still Affordable says BCNREB
Prince George, B.C.- The BC Northern Real Estate Board (BCNREB) has calculated that in Prince George in 2016, the owners of an average home had to spend about 27.2% of their household income to finance that home ownership.
That is down slightly from the amount needed in the previous years.
The BCNREB’s Housing Affordability index examines income needed to cover mortgage costs, municipal taxes and fees as well as utility bills for the average single family home.
The bottom line says the BCNREB is that home ownership in Northern B.C. remains “exceptionally affordable, especially when compared with Vancouver” reads the new report.
The average price of a single family home sold in Northern BC last year was about $280 thousand. The housing affordability percentage in Northern B.C. was 26.8% compared to 125.4% in Vancouver.
The single most significant factor in changing the indicators is the cost of housing. Average prices in both 100 Mile House and Williams Lake increased significantly last year, consequently, Williams lake saw it’s affordability indicator jump by about 4% to 27.4% while 100 Mile House 7% increased to 32.3%.
Prince Rupert and Fort St John saw affordability improvements by 10.9% and 12.0%, respectively, while in Smithers the improvement was more than 8%.
Quesnel and Terrace, both saw their affordability worsen by 4% but not because of rising house prices. Rather, the BCNREB attributes the changes in those two communities to increases in other costs.
The most affordable community in northern B.C. last year was Mackenzie, where homeowners needed only 20.1% of their annual income to cover the costs of housing.
graph courtesy BCNREB