Kitimat is still considered affordable for owning a home, according to the BC Northern Real Estate Board in their annual housing affordability index.
The per cent of household income that needs to go towards home ownership in Kitimat is said to be 29.6. That’s up from 21.5 per cent in 2013, the year span of BCNREB’s last report.
“Despite soaring house prices, Fort St. John and Kitimat remain affordable for families working there because median incomes are high,” according to the report, released May 4.
From 2010 to 2014, the report says home ownership affordability had only dropped slightly.
Terrace’s affordability index says 33.7 per cent of household income needs to finance home ownership.
Prince Rupert sits at 28.8 per cent of income for home financing in this report.
Even though affordability itself has only gone up slightly, the report notes that actual house prices have significantly increased, notably in Fort St. John, Prince Rupert, Terrace and Kitimat.
Fort St. John towers over the rest for the average single-family home cost, of around $375,000. Kitimat is fairly level for the lat two years, at just under $250,000.
Mackenzie is the most affordable community listed in the report, with just 20.4 per cent of income to finance home ownership, and with an average house price of around $150,000.