Using average `household income (2005) and average house price in Castlegar (2010) compared to B.C. averages, Castlegar:
In 2009, British Columbians had an average disposable income of $25,374, the fourth-highest provincial average in Canada.
Average Residential Home Resale Price (end 2010):
Castlegar - $268,462
Kootenay Region - $256,013
B.C. - $500,000
Metro Vancouver - $763,000
Calgary metro single family - $461,000
Src: Kootenay Real Estate Board, B.C. Real Estate Association, Calgary Real Estate Board
Based on house resale prices in 2010, 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 - $258,462 - 2010) to median household income ($49,626 - 2006), expressed as a percentage or as years of income. This ratio is a basic component of mortgage lending decisions. The lower the number, the more relatively affordable housing is.Castlegar – 5.4
Non-Castlegar information source: www.demographia.com/dhi.pdf
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.
Average value owned dwelling
|Src: Statistics Canada, 2006 Federal Census|
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 (2010) for an average single family home in Castlegar ($268,000) are as follows:
Municipal property taxes for a single family home are roughly 40% lower than the City of Vancouver average of roughly $3200 and 13% lower than a Calgary Region average of roughly $2200.
The average Canadian homeowner pays $9.08 per $1,000 of residential assessment4. In Castlegar the rate is $7.14.
1Castlegar residential tax rate (2011) - $7.1439 per $1000 taxable assessment.
3Based on Fortis electricity rates (Src: Fortis Electricity Rates) multiplied by average annual B.C. consumption of 10,000 Kwh (Src: http://www.energyplan.gov.bc.ca/bcep/default.aspx?hash=3