The BC Northern Real Estate Board released their 2021 Housing Affordability Indicators.
The Housing Affordability Indicators (HAI) estimate the proportion of average household income required to cover the major costs associated with home ownership. The cities that saw the biggest drop-off in home affordability in the Cariboo were Quesnel and 100 Mile House, where as Williams Lake saw the lowest reduction affordability.
However, 100 Mile House still remains as the least affordable community in Northern BC. The HAI for 100 Mile House was at 51.8%. This is the result of average household income in 100 Mile House being markedly lower than other communities in Northern BC.
“The reason the affordability is dropping is because home prices are going up, and that’s strictly a supply and demand issue in our markets, and it’s sort of the markets throughout British Columbia.” says Court Smith, owner broker at Remax Williams Lake.
“Housing is the hot topic with the government, and supply and demand is out of balance right now.”
Home ownership in most of Northern BC is still very affordable, especially when compared to the Vancouver region.