The living wage for Prince George, BC and in every city across the province are continuing to rise for families, meaning higher wages are required for working families to afford their basic needs.
In a recent article by the Canadian Center for Policy Alternatives, the living wage for Prince George, BC is now considered to be at $21.19 per hour. The living wage needed in Prince George came in lower than 60% of the 22 communities across BC that were included in the report, including Metro Vancouver which is sitting at $24.08 per hour, 12% higher than Prince George.
Living wage numbers differ across communities in BC, due to factors like housing costs, child care costs, cost of public transit, or easier access to goods and services. As an urban center for the North, Prince George offers easy access to goods and services, while keeping housing costs relatively low compared to other large centers. Recent Canadian census data also reports the median household incomes in Prince George to be higher than the B.C. and national averages, at $88,000 per year, before-tax.
This is why, in our 15+ years of experience in Prince George real estate, we’ve seen a substantial increase in people moving up to Prince George from the lower mainland, for a more affordable way of life.
“Moving to Prince George is a great option for people who want a more affordable lifestyle. We love new people here. We’re a friendly bunch.”
“Living wage” is defined as “the hourly rate at which a household can meet its basic needs once government transfers have been added to the family’s income (such as federal and provincial child benefits) and deductions have been subtracted (such as income taxes and Employment Insurance premiums).” The living wage is enough for a family with two young children to cover necessities, support the healthy development of their children, escape severe financial stress and participate in the social, civic and cultural lives of their communities.
It does not cover additional expenses such as: debt repayment, future savings, anything beyond minimal recreation and entertainment, or costs for caring for disabled, ill, or elderly family.
It’s calculated based on a two-parent family with two children, with each parent working full-time (35 hours per week).
To hear more about what this living wage increase means for Prince George, check out our recent podcast episode where we spoke with the CEO of Flagship Accounting, Crystal Livingston.
Summary
Prince George, BC remains one of the more affordable cities in British Columbia, with a lower cost of housing and easy access to services, as shown by the living wage announcement of 21.19 per hour from the recent CCPA report.
If you’re looking to buy or sell real estate in Prince George, give us a call at 778-234-0845 or visit our website.
About One Oak Real Estate Group
One Oak Group is a boutique real estate agent group located in Prince George, BC, offering quality service, support, and advice for our clients during the buying or selling of their homes. We believe that every customer deserves to be treated like they’re our number one customer, and we aim to go above and beyond what’s expected of the average real estate group, to make your experience one you’ll never forget. Work with us today.
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