Prince George residents will need over one-third of their pre-tax income to secure a home.
That’s according to the 2024 Housing Affordability Indicator Index from the BC Northern Real Estate Board.
PG’s rate sits at 37.6% – three points higher than the regional average of 34.6%.
The northern capital has the fourth-highest rate, trailing 100 Mile House (63.2%), Smithers (39.4%) and Williams Lake (38.2%).
In terms of home ownership, 100 Mile House remains the least affordable community in northern BC as the HAI from 2024 was 63.2%. The major factor continues to be median household income.
Kitimat recorded the most affordable Housing Affordability Indicator for a mark of 24.1% while Fort St. John placed second at 25.6%
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 $461,394 – an increase of $12,625 when compared to 2023.
Prince George surpassed the $500,000 threshold for average house price – Terrace topped out at $524,409.
Once again, Quesnel and Kitimat were the only two communities that recorded average house prices below $400,000 in 2024.
Kitimat has the lowest average house price in Northern BC at $392,854.
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 63.2%
- Smithers 39.4%
- Williams Lake 38.2%
- Prince George 37.6%
- Terrace 37.1%
- Quesnel 35.6%
- Prince Rupert 31.7%
- Fort St. John 25.6%
- Kitimat 24.1%
For a link to the report, click here.
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