The cost of rent or home ownership grew faster than household incomes, a report going to city council on Monday shows.
Prince George saw the biggest increases in housing costs in decades in 2021, a report going to city council on Monday shows.
“Rents continued to rise between 2020 and 2021, with 2021 seeing the greatest increase in average total rents in the past decade. The vacancy rate in Prince George has further declined from 3% in 2020 to 2.2% in 2021,” the report says. “Between 2020 and 2021 the average cost of ownership increased by 12%, accounting for the largest increase since 2008. Average homesales prices have increased 169% between 2006 and 2021.
“This increase is less than between 2011 and 2016 where incomes increased by 18.9%,” the report says. “The cost of housing is increasing steadily. To be able to afford the average rent in Prince George in 2021, a household must earn at least $39,040 .”
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