The minimum household income needed to buy an average house in Prince George has gone up 60.79 per cent in the past five years, according to a Citizen analysis of publicly available data.
Data released by BC Statistics shows the average price of a single-family house in Prince George grew from $302,133 in 2019 to $449,618 in 2023. For first-time home buyers with no other debts making the minimum five per cent down payment, the minimum household income necessary to buy an average Prince George house grew from $61,261 per year in 2019 to $98,502 per year in 2023.
Over five years, the average house price is up 48.81 per cent and the monthly mortgage payments for those homes (assuming a Canada Mortgage and Housing Corporation-insured loan, repaid over 25 years) were up 77.08 per cent.
2023 Average Prince George House Price: $449,618, 5% Down Payment: $22,481, Mortgage Amount: $427,137, Average Interest Rate: 4.39%, Minimum Annual Income: $98,502, Monthly Payment: $2,338
2022 Average Prince George House Price: $410,891, 5% Down Payment: $20,545, Mortgage Amount: $390,346, Average Interest Rate: 3.04%, Minimum Annual Income: $82,205, Monthly Payment: $1,855
2021 Average Prince George House Price: $341,075, 5% Down Payment: $17,054, Mortgage Amount: $324,021, Average Interest Rate: 1.68%, Minimum Annual Income: $68,760, Monthly Payment: $1,323
2020 Average Prince George House Price: $318,561, 5% Down Payment: $15,923, Mortgage Amount: $302,537, Average Interest Rate: 2.14%, Minimum Annual Income: $64,405, Monthly Payment: $1,302
2019 Average Prince George House Price: $302,133, 5% Down Payment: $15,107, Mortgage Amount: $287,026, Average Interest Rate: 2.74%, Minimum Annual Income: $61,261, Monthly Payment: $1,320
The minimum annual income and monthly payments were calculated using the My Mortgage Planner app. Monthly payments were based on a 25-year amortization period, and don’t include insurance, taxes or other fees.
The interest rate used for each calculation was the average discounted Canadian five-year fixed mortgage rate, effective March 31 of each year, as reported by Rate Hub. These rates may not reflect actual lending rates available at local financial institutions.
The interest rate used for the income stress tests was 5.25 per cent, or the average interest rate plus two per cent, whichever was higher.
All amounts were rounded to the nearest dollar.
