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HomeNewsHousing affordability slightly worsens in Smithers

Housing affordability slightly worsens in Smithers

A report by the BC Northern Real Estate Board (BCNREB) has found housing affordability in Smithers has slightly decreased.

It says even though the region has become less affordable Smithers joins Fort St John and Williams Lake in recording the smallest reductions in affordability in 2021.

29.2% of median household income was needed to finance home ownership last year in the community compared to 2020 where 28.5% was needed.

In 2021, Smithers was among five communities to report an average price of single family homes at $400,000.

This is compared to 2020 which saw the largest jump for housing prices in the region.

Meanwhile, the report says that even though housing affordability worsened in all measured Northern communities, the north as whole is very affordable.

The report found that Prince Rupert, 100 Mile House, Quesnel and Terrace recorded significant deterioration with affordability worsening by more than 10%.

100 Mile House is the least affordable community in the North and Fort St. John is the most affordable.

This is because of slow growth in house prices with the highest median household incomes of measured communities.

The report was conducted by a former Prince George resident Rory Conroy and Leslie Lax.

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