Although Castlegar has a 9.25% lower median household income ($49,348) than the BC average ($54,379), Castlegar is very affordable compared to BC as a whole.
Castlegar's affordability compared to BC averages more than makes up for its lower income.
Furthermore, British Columbia ranks highly among Canadian provinces in average disposable income of residents. In 2012, British Columbians had an average disposable income of $30,474, the third-highest provincial average in Canada.
Median Value of Dwellings (2011):
Based on median value of dwellings in 2011, housing prices in Castlegar are:
The price to income ratio is the basic affordability measure for housing in a given area. It is generally the ratio of median house prices (Castlegar - $274,954 - 2011) to median household income ($49,348 - 2011). This ratio is a basic component of mortgage lending decisions. The lower the number, the more relatively affordable housing is.
Using a mortgage affordability calculator and assuming average tax, car, and utility expenses, an average resale house price in Castlegar (2010) is within purchasing reach of approximately 40% of households. This is generally better than B.C. and Alberta averages.
Corporate and personal taxes are competitive with jurisdictions throughout North America and the G7. B.C. individuals earning up to $119,000 pay the lowest provincial income tax in Canada. For the majority of taxpayers, provincial personal income taxes have been reduced by at least 37 per cent since 2001.
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Approximate annual household operation costs (2015) for an average single family home in Castlegar ($274,954) are as follows:
1Castlegar residential tax rate (2015) - $7.98 per $1000 taxable assessment
2Based on April 1, 2016 Fortis gas rates (Src: Fortis Gas Rates multiplied by average annual consumption of 96 GJ