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Prince George bests Vancouver on burden of owning a house

The burden of owning a single-family house in Prince George continues to remain well below the level seen in Vancouver and area, according to an annual report released this week by the B.C. Northern Real Estate Board.
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The burden of owning a single-family house in Prince George continues to remain well below the level seen in Vancouver and area, according to an annual report released this week by the B.C. Northern Real Estate Board.

The proportion of median household income required to cover mortgage costs, municipal taxes and fees, and utilities for the average single-family home stood at 30.9 per cent in Prince George for 2017.

By comparison, it was 115.7 per cent for communities covered by the Greater Vancouver Real Estate Board.

As in past years, the largest contributor to the difference has been price.

Over the course of 2017, the homes sold for $325,550,340 on average in the city. In Vancouver, the going rate was $1.5 million.

Year-over-year, the percentage of income going to home ownership in Prince George increased slightly from 27.2 per cent for 2016, when the average price for the year was $297,185.

Other northern B.C. communities were included in the report. Mackenzie provided the best deal at 20.1 per cent, while 100 Mile Housed posed the highest burden at 36.3 per cent.

The full report is posted with this story at pgcitizen.ca.