Housing Affordability in North Slipping

Wednesday, April 23, 2008 10:55 AM

Prince George, B.C. - Rising prices made housing less affordable in Northern B.C. in 2007.

Since 2004, average house prices have increased 72.6%, yet owning a home in Northern BC consumes a much smaller portion of household income than it does anywhere else in the province, especially Vancouver, where the burden of home ownership is substantial.

According to the 2007 Housing Affordability Index , the average proportion of income committed to home ownership in Northern BC was 31.7% whereas 73.8% of income was necessary to own a home in Vancouver, and the provincial average is 68.5%.

In Prince George, the mark is about 34.% of pre tax income, which is just above the provincial average. That is a big jump since 2003 when buying a home in Prince George took about 21%of pre-tax income.

Kitimat remains the community where housing is most affordable (15.4% pre-tax income), and outside of Vancouver, the least affordable area is 100 Mile House, where just over 50% of pre tax income is needed to afford a home.

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Posted on Wednesday, April 23, 2008 10:55 AM in News by 250 News

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Comments

Posted by: Harbinger on April 23 2008 7:05 PM

Define affordability. Is it the same fer a homeless bum and Jimmy Pattison? Affordable fer whom? Define pornography, poverty and the word reasonable while yer at it. What's in a word, eh?

Posted by: owl on April 23 2008 10:23 PM

"In Prince George, the mark is about 34.% of pre tax income, which is just above the provincial average."

What am I reading incorrectly in the chart? It looks to me like the BC mark is about 69% of pre tax income.

It is inconceivable to me that PG would be above the provincial average of affordability. It might be above the northern average, but most certainly not above the provincial average.

Someone should look at the figures for the Okanagan and the Island and that would quickly become apparent.

Posted by: Eagleone on April 24 2008 1:47 AM

Out of curiosity I priced out the new homes in the Hill subdivision. For a one bedroom town house it will cost you $230,000. If those are the lowest cost new housing units in this town then I don't think we can claim to have affordable housing. If its worse in other parts of this province then we have a serious problem of home afford ability, or we have a serious issue of wages not keeping up with inflation. I think its both especially for the first time home buyers.

Posted by: Harbinger on April 24 2008 10:40 AM

A lot of money for a warm place to sleep. And that is all it is.