BC Northern Real Estate Board releases Annual Housing Affordability Study

The BCNRED reports the cost of homes in Northern B.C. is on average 31.9 per cent of median family income, compared to an average of 69.2 per cent for the entire province.

On average, the cost of owning a home in Fort. St. John is 35 per cent of median family income. While this is higher than the rest of Northern B.C., it’s still relatively less expensive when compared to most other regions in the province. 

“Despite dramatic average house price increases in some communities across northern British Columbia since the first housing affordability study done in 2003, owning a home in the region consumes a much smaller percentage of household income compared with the burden of home ownership in Vancouver,” BCNREB said.

The board also says in 2013, the Housing Affordability Index for Northern B.C. was 31.9 percent compared to an average of 84.2 percent for Vancouver. The index estimates “the proportion of pre-tax median household income needed to cover mortgage costs, municipal taxes and fees, and utilities for single-family homes.”

“Our members are committed to improving the Quality of Life in their communities,” the board goes on to say. “The B.C. Northern Real Estate Board support growth which encourages economic vitality provides housing opportunities and build communities with good schools and safe neighbourhoods.”

The REALTOR members of the BCNREB serve the real estate needs of the communities from Fort Nelson in the north to 100 Mile House in the south.

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