Housing Remains Affordable in the North Says Report
Chart of average housing price courtesy BC Northern Real Estate Board
Prince George, B.C.- Although housing prices throughout the North of BC have been climbing, the latest report from the BC Northern Real Estate Board says housing remains affordable in this part of the province.
The annual affordability report shows housing prices have been soaring in both Ft. St. John and Kitimat, but they remain affordable because the incomes are keeping pace at about $93 thousand in Ft. St. John and $72 thousand in Kitimat.
The most affordable community in the north? Mackenzie, where homeowners only need about 20.4% of their annual income to cover the cost of housing.
There has been little change to the affordability indicators for Prince George. In P.G. a homeowner would have to spend about 29% of their annual income to cover housing costs.
The scenario is much different in Vancouver, where a homeowner would have to spend 82.6% of their income on housing costs.
The average price of a single family home in Northern BC last year was $280 thousand, that is significantly less than the average price in Vancouver which hit $880 thousand last year.