Kitimat still affordable but costs are rising

A realtor's report shows Kitimat still affordable, despite sharp increases in home ownership costs.

According to housing affordibility indicators, Kitimat is still comparatively affordable, but it’s seen some of the fastest rises in unaffordability among northern communities.

That’s from a report from the BC Northern Real Estate Board on housing affordability.

According to the report, Kitimatians spend on average 25.4 per cent of their household income on home ownership.

It is second only to Mackenzie for affordability. Terrace’s percentage is 31.4, and Prince Rupert’s is 28.5.

Its gain has been quick from 2010. That year household spending was approximately 18 per cent of income for the home. It rose incrementally in 2011, and in 2012 it broke through the 20 per cent barrier, and saw it’s largest three year jump to 2013.

This latest report from BCNREB is a revised version of their 12 annual study.

The boar says overall northern home ownership is “exceptionally” affordable, when compared with Vancouver, which while making improvements still shows just over 80 per cent of household income going to home ownership.

The B.C. average is approximately 68 per cent.

Kitimat also saw the sharpest rise in average single family home prices, which in 2013 came up just short of $250,000.

For house prices Fort St. John had the highest values, over $350,000 on average.

 

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