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BC’s northern capital outgained 19 other cities as the best place to buy a home in the entire province.
According to a report from Zoocasa, Prince George came in at the top spot with an average home price of $315,000, the income required to afford the price is just over $43,000.
Over the last two years, the city has seen a trend of more people who are retired purchasing a condo or townhouse.
“So people are having a smaller home here to be with family and friends and then going off to the warmer climate in the summer so that retirement factor has a really big part of it,” said Bob Quinlan, Doucette Realty.
To make the accomplishment even sweeter, Prince George beat out it’s rivals to the south in Kamloops who came in second where the average home price is a little higher at $406,000 where they income needed to afford that level of a home is over $55,000.
The local realtor adds both markets have a lot in common.
“They are very similar in nature when it comes to education, industry, government services, and health along with transportation so it makes sense that mixture in climate is going to make things more affordable.”
Prince George is also one of a handful of cities to have a positive gap between the required and actual income.
“It is one of only four markets in the entire province where there is an income surplus while all of the others are looking at a gap,” said Penelope Graham, Managing Editor with Zoocasa.
‘The median income is just over $78,000 and the average home price is just over $315,000, there is actually a surplus of just over thirty-five-k in terms of how incomes line up with home prices.”
Vancouver recorded the largest negative gap between the income required to afford a home ($161,193) whereas the median income is a lot lower at $65,327 resulting in a deficit of -$97,866.
Courtesy of Zoocasa