FORT ST. JOHN, B.C. – Fort St. John recorded the lowest housing affordability indicator for 2021 in Northern B.C.
The B.C. Northern Real Estate Board (BCNREB) housing affordability indicators estimate how much of the median household income in a community is needed to cover the significant costs of homeownership in a year. These costs include mortgages, municipal taxes and fees, and utilities for an average single-family home.
Affordability worsened in all measured northern communities in 2021, though Fort St. John’s affordability was only worsened by a small amount and is now sitting at 19.6 per cent.
The report says this is due to slow growth in house prices and having the highest median household income of measured communities.
100 Mile House had the least affordable housing in northern B.C. at 51.8 per cent, which is still lower than Vancouver rates in comparison, sitting at over 100 per cent since 2017.
According to the Canada Mortgage and Housing Corporation, housing is considered affordable if it costs less than 30 per cent of a households’ before-tax income.
According to a BCNREB report released earlier this month, Fort St. John area saw 123 properties worth $54.5 million sold in the first quarter of 2022.
Since January 1st, 69 single-family homes, 13 half-duplexes, 11 homes on acreage, eight manufactured homes in parks and eight manufactured homes on land have sold.
A single-family home in the area sold for an average of $398,458.
The full report can be viewed below: