BACKGROUND: Higher paying jobs may have resulted in slight improvements in making a house purchase more affordable in some Northern B.C. communities, despite increases in the cost of a single-family home, according to the latest BC Northern Real Estate Board report.
In Terrace, the 2018 average price of a single-family home is actually considered more affordable than in 2017. An average household needed to put 30.4 per cent of their income toward home ownership, which includes mortgages, taxes, and utilities. That’s down from 32.6 per cent in 2017, even though the price of a single-family home has gone up in Terrace.
Terrace saw house prices increase by around nine per cent, from approximately $310,000 in 2017 to $340,000 in 2018.
Do you agree with the real estate board’s report about affordable housing in Terrace?