Housing affordability decreases in Smithers
Homes in Smithers (supplied by: Lindsay Newman)
House affordability in Smithers has slightly worsened, according to a report by the BC Northern Real Estate Board (BCNREB).
In 2020, Smithers reported needing 28.5% of median household income to finance homeownership.
According to the report, Smithers also saw the largest increase in housing prices of 22.6% for a median price of $371,033.
Meanwhile, the BCNREB found that homeownership remains affordable in the North.
In 2020, the real estate board also found that the housing affordability indicator is 26.1% for the North, which was a decrease from 2019.
The BCNREB added Terrace, Kitimat and Fort St. John reported the largest affordability improvement because of flat or depressed house prices.
The housing affordability report was done by former Prince George resident Rory Conroy and Leslie Lax.