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Home ownership in Prince Rupert amongst most affordable in B.C.
When it comes to home ownership in Northern B.C., Prince Rupert is in the middle of the pack.
Number released by the B.C. Northern Real Estate Board show 30 per cent of household income goes to finance the cost of home ownership, which includes taxes, utilities, mortgage payments, user fees and insurances. That figure is below the calculated affordability in 100 Mile House — the highest at 47.6 per cent of household income — Prince George, Fort St John and Smithers, but above the affordability in Quesnel, Mackenzie, Terrace, Williams Lake and Kitimat — the lowest at 21.5 per cent.
The affordability in Prince Rupert is largely unchanged from last year and has been fairly consistent since a spike experienced in 2008.
While Prince Rupert may be average when it comes to the affordability of home ownership in the north, the region is still one of the most affordable places to live. Approximately 31.9 per cent of household income north of 100 Mile House goes to pay for a home compared to 69.2 per cent for the rest of the province and 84.2 per cent in Vancouver.
"This positive difference in affordability has persisted despite double digit increases in sales and prices of single family homes in Northern B.C.," said the board in a statement.