Only 36 per cent of Prince George homeowners have their home paid off, the ninth-lowest rate in B.C.
New mortgage data is offering a snapshot of where B.C. homeowners are getting their first foot into homeownership and how recent interest rate hikes are weighing down younger people more than others.
“This is reflective of particular demographic trends, but then also of particular financial trends, especially when it comes to interest rates,” Yan said. Fort St. John has by far the highest proportion of mortgages, with 76 per cent of homeowners being mortgage holders. “But if you look at the places that have a high percentage of mortgage holders, areas like Surrey, Port Coquitlam, New Westminster, Abbotsford, those are the relatively more affordable areas of the Lower Mainland,” he said.
“It ties into historic patterns of getting on the housing ladder. That if you're young, if you're a young household trying to step into housing ownership, that you buy in the municipalities outside of central cities,” Yan said. These periphery cities tend to rely more on personal vehicles for transportation rather than public transit. According to TransLink’s Travel Diary survey, the farther a suburban municipality is from the City of Vancouver, the higher the total daily kilometres travelled by driver per capita.
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