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More young people in Prince George owning homes than rest of Canada: 2016 Census

Prince George ranked very well during the 2016 Census housing numbers according to Stats Canada.

One of the biggest surprises was a number of millennials who own homes says analyst Jeff Randle.

“The homeownership rate among 15 to 24-year-olds in Prince George is about 23.6%, this is above the national average which is just under 20%.”

In BC, homeownership rates fell to 68% in 2016, that is down almost two points from the 2006 rate of 69.7%.

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However, the northern capital leapfrogged both the provincial and national rates.

“About 7 in 10 people own their household, which is above the national and provincial rate. For Canada, it was just over 68 and for BC it’s right at 68% and the local rate is down about 1% over the last 10 years,” added Randle.

When we look at a number of people living in condos, the rate in Canada was a modest 13.3% in 2016.

However, that housing option is becoming quite popular in BC.

“The rate of condominium households in British Columbia is far above the national average at about 22%, which is almost 10 percentage points higher than the national average but this is driven mainly by the condominiums that are in Vancouver and Victoria.”

The average home price in Prince George in 2016 was $292,000 – that represents a 60% spike in the past decade.

NOTE: The housing price figures are not adjusted for inflation when making this comparison.

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