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HomeNewsHousing affordability in northern BC stays modest in 2017: BCNREB

Housing affordability in northern BC stays modest in 2017: BCNREB

Percent of household income to finance home ownership in 2017 | Courtesy BC Northern Real Estate Board

Housing in northern BC is stayed exceptionally affordable in 2017, according to the BC Northern Real Estate Board.

Affordability in Smithers worsened a little bit, as 26.17% of home owners’ annual income is now going into housing.

One reason the price spiked slightly is the activity in places like Vancouver and Victoria.

“What’s happening now is that there is being a great spin-off from the people that are cashing in from those areas or getting out of those areas and they’re coming up,” says BCNREB Spokesperson Bob Quinlan.

“It’s putting pressure on our market and raising the prices.”

Higher prices are not necessarily a sheer negative, however, because it means the economic activity in regions where it is costing more to live is actually improving.

“Prices have increased greatly, as well the activity has increased greatly, so that’s going to effect affordability in those areas,” Quinlan explains.

“But with the affordability going higher and it costing more to take care of your home, that also means that the economic activity in that area is a lot better.”

The most affordable community in northern BC continues to be Mackenzie. Last year’s numbers show one 20.13% of home owners’ annual income in the district goes back into their home.

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