The B.C. Northern Real Estate Board indicates that the main reason for the difference is housing prices, as the average price of a single family home in northern B.C. is around $245,000, while it is $782,000 in Vancouver.
The 10th annual study by the BCNREB released today shows how much of a family’s average income is needed to finance ownership of a single family home in cities across the province. Affordability in Fort St. John decreased from 32.3 per cent of a family’s income in 2011, while it increased in B.C. overall from 70.2 per cent in the last report.
Home ownership is still the most affordable in Kitimat at 17.9 per cent, thanks to the highest reported median income in the region and low average house prices. Meanwhile, 100 Mile House is the least affordable northern community, at 45.7 per cent, due to low reported incomes and strong housing prices.