Home Ownership in Northern BC Remains Exceptionally Affordable!
This annual edition of the Housing Affordability Indicators for Northern British Columbia is based on a refreshed data set that updates baseline variables to 2010.
Home ownership in Northern British Columbia remains exceptionally affordable, especially when compared with Vancouver. Historically, the largest contributor to affordability has been house prices, and this trend continues for 2016.
Most communities in Northern British Columbia saw improvements in affordability in 2016, some of them significant. Price growth in 2016 varied widely from community to community. Prince Rupert and Fort St John saw affordability improve by 10.9% and 12.0%, respectively, while in Smithers the improvement was more than 8%. Quesnel, Terrace, and Williams Lake saw affordability worsen by about 4%, in 100 Mile House, affordability worsened by 7.0%. In most cases, worsening affordability can be attributed to increases in average house prices. It is worth noting that declining affordability in Quesnel and Terrace was not related to house prices, but to other costs. The most affordable community in Northern British Columbia remains Mackenzie, where homeowners require only 20.1% of their annual income to cover the costs of housing.
Our members are committed to improving the Quality of Life in their communities. The BC Northern Real Estate Board supports growth which encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods. The REALTOR® members of the BC Northern Real Estate Board serve the real estate needs of the communities from Fort Nelson in the north to 100 Mile House in the south and from the Alberta border to Haida Gwaii.