According to the BC Northern Real Estate Board, homeownership is still affordable in most of northern BC despite a worse affordability indicator.
2022’s aggregate Housing Affordability Indicator sits at 31.2% of a household’s pre-tax annual income which is a 13.2% increase over 2021.
Made up of homeowner costs like mortgage payments, utilities and property taxes, if the affordability indicator is 30% or lower, housing is considered affordable.
Every measured community in the north is facing worse affordability indicators, with 100 Mile House, Quesnel, Smithers, and Williams Lake all deteriorating by more than 10%.
Housing prices also went up in every measured community except for Kitimat, which saw a decrease from 2021 prices for an average of $379,133 for a single family home.
Although northern BC’s affordability sits slightly above what is considered affordable, the board considers it very affordable compared to Vancouver’s indicator sitting at 124.2%
You can see the board’s full report on Housing Affordability Indicators for 2022 at this link.
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