Prices continue to vary in Northern BC says Housing Affordability Indicator Report

It will cost you over one-third of your pre-tax income to secure home ownership in Prince George.

That’s according to the 2023 Housing Affordability Indicator Index from the BC Northern Real Estate Board.

PG’s rate sits at 35.5% – slightly higher than the regional average of 32.9%.

PG has the fourth-highest rate, behind Smithers (38.1%) and Williams Lake (37.9%).

In terms of home ownership, 100 Mile House remains the least affordable community in northern BC as the HAI from 2023 was 59.1%. The major factor continues to be median household income.

Kitimat recorded the most affordable Housing Affordability Indicator for a mark of 22.8% while Fort St. John placed second at 24.4%

Both communities have been in the top two for the last five years

According to the Canada Mortgage and Housing Corporation, housing is considered “affordable” if it costs less than 30% of a household’s before-tax income.

Last year, the average home price in Northern BC was $448,769 – a decrease of half a point from 2022.

Prince George surpassed the $500,000 threshold for average house price – Smithers topped out at $517,291.

Quesnel and Kitimat are the only two communities in the report that recorded average house prices below $400,000 in 2023.

Kitimat has the lowest house prices in Northern BC, with an average sale price of $377,825.

Here is a breakdown of the percent of median household income needed to finance home ownership in the north (from highest to lowest):

• 100 Mile House 59.1%
• Smithers 38.1%
• Williams Lake 37.9%
• Prince George 35.5%
• Terrace 35%
• Quesnel 34.8%
• Prince Rupert 29.8%
• Fort St. John 24.4%
• Kitimat 22.8%

A link to the full report can be found here.