Despite housing affordability worsening by 12.4 per cent in 100 Mile House, it remains affordable compared to major cities, according to the B.C. Northern Real Estate Board’s (BCNREB) 2017 report.
The percentage of household income used to finance home ownership is 36.3 per cent for 100 Mile House, according to the report, with the average single-family house price increasing in 2017 although still under $300,000, according to the report.
Northern communities such as Fort St. John, Prince George and Terrace were all over $300,000.
“We are in a very good market right now where homes are selling fairly quickly and we have seen prices rise over the last year but on the other hand it is still a very attractive area for out of town buyers. Still very affordable,” says 2013 BCNREB president and 100 Mile House RE/MAX realtor Gisela Janzen.
100 Mile always struggles with affordability when the report comes out because of the large retirement population which means the average income is lower compared to a town with lots of two income earners, she says. The affordability is calculated by dividing the costs by household income.
“We are seeing a little bit of a price increase in the area because right now we have quite a demand for listings… We have buyers but no listings and that’s due to the winter conditions and we’re going into spring now so hopefully, listings will come on the market.”
The local market is driven mainly by the Lower Mainland according to Janzen.
“We have, of course, a lot of people moving up, moving down; like seniors selling, going into smaller [homes], young families moving up into bigger homes. We have that. But we also [have] a lot of buyers from the lower mainland or the outside areas,” she says.
“Life is good in the Cariboo.”