Wednesday, May 29, 2013

Quesnel in Top 3 for Affordable Home Ownership

Editor's Note - congrats to the City of Quesnel for the distinction for having the 3rd best place to own a home.  Only Kitimat & Mackenzie placed higher. 

Courtesy of 250News.com:


The latest housing affordability  survey shows, once again, that northern communities continue to be affordable places to buy single detached family homes. 
 
Based on a purchase with a 5 year fixed mortgage with a 25% down payment, the BC Northern Real Estate Board reports it would take abut 31.6% of a median family income to have a home in Northern B.C.. That  compares to 66.4% of the same family’s income in the rest of the province, and 82.2% in Vancouver.
 
The most affordable community right now is Kitimat where it would take about 17.9% of family income to buy a home. Prince George home ownership would require about 31.6% of a family’s income, placing it in the middle of the pack. 
 
Here is how the northern communities  stack up:
 
Community
Average home Price 2012 (approx)
% of household Income
Kitimat
$175,000
17.9%
 
Mackenzie
$145,000
25.8%
 
Quesnel
$190,000
26.5%
 
Prince Rupert
$175,000
30.%
 
Terrace
$210,000
31.2%
 
Prince George
$250,000
31.6%
Williams Lake
$250,000
33.4%
 
Fort St. John
$355,000
34.6%
 
Smithers
$255,000
35.3%
 
100 Mile House
$220,000
45.7%

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