House prices in Northern B.C. are very much affordable: BC Northern Real Estate Board

Houses for sale in Fort St. John. Photo credit: Trevor Bolin

FORT ST. JOHN, B.C. – The BC Northern Real Estate Board says that purchasing a home in Northern B.C. is ‘extremely’ affordable. Historically, the largest contributor to affordability has been house prices, and this continues for 2016 in Northern B.C.

“The BC Northern Real Estate Board (BCNREB) Housing Affordability Indicators estimate the proportion of median household income required to cover mortgage costs, municipal taxes and fees, and utilities for the average single family home. The higher the measure, the more difficult it is to afford a home.”

For example, an affordability measure of 50% means that home ownership costs, including mort-
gage payments, utilities, and property taxes take up 50% of a typical household’s pre-tax income.

The BC Northern Real Estate Board releases ‘Housing Affordability Indicators for Northern British Columbia’ annually.

The results show that purchasing a home is cheaper in Northern B.C. compared of course to Vancouver, where housing prices remain high.

Fort St. John saw house affordability increase by 12% last year but they still remain the highest for house prices in Northern B.C. 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.