Wednesday, May 12, 2010

Housing costs in Prince Rupert prove to be very affordable in new survey.

Here's a survey where coming in near the bottom of the list won't be causing near the community angst of that Moneysense survey of a few weeks ago.

The Northern Real Estate Board has released the findings from a recent survey of housing affordability in Northern British Columbia, and on that list, Prince Rupert is faring pretty good.

The survey which examines the proportion of household income required to own a home found that Northern B.C. provided for less than half the burden of home ownership as opposed to those seeking to purchase in Vancouver. One example of their findings was the cost of a single-family home which sold in Northern BC at about $226,000, compared with over $760,000 for a comparable cost in Vancouver.

For homeowners in Prince Rupert, it will take only 29.7 per cent of their household income to put towards a home, in Vancouver it would cost 69 percent of the family income to work towards a home payment.

Prince Rupert in the high end twenties still however, wasn't the best value for your household income however, Kitimat is by far the best place for bargain hunters wishing to keep much of the household fortune intact, there it takes but 18 percent of your income to find affordable housing in that community.

Some of the background behind the survey can be found on the Prince George website Opinion 250 which offered up this review of the numbers.

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