Kitimat and Fort St. John continued to be the most affordable communities in Northern BC in 2024, and 100 Mile and Smithers the least affordable.
According to the 2024 Housing Affordability Indicator Index from the BC Northern Real Estate Board, home ownership in northern British Columbia remains very affordable, especially when compared with the Vancouver and Victoria regions.
The aggregate Housing Affordability Indicator for northern BC for 2024 remains greater than 30 per cent, checking in at 34.6 per cent, a slight decrease from 2023.
The affordability of home ownership in northern BC is exceptionally favourable when compared with the Vancouver Area, which experienced only marginally improved affordability, clocking in at 133.0 per cent for 2024.
According to the Canada Mortgage and Housing Corporation, housing is considered 鈥渁ffordable鈥� if it costs less than 30 per cent of a household鈥檚 before-tax income.
Affordability improved last year for nearly all measured northern BC communities, only 100 Mile House saw affordability worsen. In terms of home ownership, 100 Mile House also remains the least affordable community in northern BC. The major factor for this result continues to be median household income; 100 Mile House being markedly lower in that measure than other communities in northern British Columbia.
Kitimat and Fort St. John continued to be the most affordable communities in Northern BC in 2024, as they have been for more than five years.
Smithers was the second least affordable community in the north, with 39.4 per cent of a median household income needed to finance home ownership.
The BC Northern Real Estate Board also noted that average house prices in 2024 varied widely from community to community, topping out at $524,409 in Terrace, with Smithers, 100 Mile House, and Prince George also surpassing the $500,000 threshold. 100 Mile House saw the largest increase in prices, increasing 4.3 per cent over 2023 to hit $515,946. Kitimat continues to enjoy the lowest average house price of $392,854. Once again, only Quesnel and Kitimat had average house prices below $400,000.
