Home Ownership Affordability Trends Analysis Brief

In the Kootenay Development region (which includes the regional districts of Central Kootenay, Kootenay Boundary and East Kootenay) the average home sale to household income ratio currently stands at 4.0, roughly the same as in 2006. This ratio is lower than the BC average, 6.5, however that statistic is heavily influenced by sales in the Lower Mainland, which are not representative of the remainder of BC. In our region, average home sale values peaked in 2008 but have remained relatively constant since dropping back down in 2009. Different types of housing markets display various pricing trends, however. The condominium and attached housing markets show more volatility than the detached market. This analysis provides interesting context to the results of the RDI's 2013 poll of residents, which asked for residents agreement with the statement, housing in my community is affordable. Across the region, only 27% of respondents agreed.

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