Inflation, rising interest rates create caution across Metro Vancouver’s housing market VANCOUVER, BC –…
If you dream of owning a spacious detached home on a large lot, it can be yours for a fraction of the cost of those in Metro Vancouver and the capital region, according to a new report by the B.C. Northern Real Estate Board.
The catch? You’ll have to move to a smaller, northern community such as 100-Mile House, Smithers or Williams Lake, where such properties are still highly affordable.
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A recently released annual report commissioned by the board is touting the affordability of its real estate in 2017 compared with the Lower Mainland and Greater Victoria – presumably with the hope of attracting newcomers to its communities.
An affordability indicator, calculated by the report authors as a percentage of typical local household income spent on typical local housing costs – such as mortgage payments, utilities and taxes – reveals the huge disparity between the northern B.C. cities and the two major southern metropolises.