It looks like the Northern Capital might just be the place to set down your roots.
As the rest of the nation grows anxious with the worry they’ll miss out on their dream home, first-time home buyers in the Northern Capital are finding the market to be competitive.
Genworth Canada released the results of a survey they conducted, citing that fifty-seven per cent of respondents nationwide said that before buying their home they worried they might miss out on a property they wanted because of an insufficient down payment.
Fifty-six per cent of respondents in British Columbia expressed anxiety about their down payment stretching enough to get the home they wanted, compared to 58 per cent of respondents in Vancouver.
According to Bob Quinlan of Doucette Realty in Prince George, the average home price in the Northern Capital is looking at the $340,000-$350,000 range.
“If you look at the larger areas, you’re going to be looking at people who are going to be purchasing a first-time home, a starter home, or maybe even a condo apartment with a young child, and using that as a stepping stone. That might cost them $400,000 or more.”
Perhaps even more incentive for those wanting to buy their first home here in the North; the average home in Prince George is also being classified as a three bedroom, two bath, full basement, on what is considered a regular-sized property.
“And a first-time buyer in Prince George, BC has an exemption from the property purchase tax,” said Quinlan. “So if they have $20,000, they can get into a pretty nice home in Prince George or the surrounding area.”
As Quinlan states, buyers in the area are having no issues with the minimum five per cent down payment, but more so facing stiff competition when it comes to getting the home that they want, as well as qualifying with income and credit.
“However, when they do get into a home, they’re there for a while,” says Quinlan, stating a majority of first-time buyers in the area are typically spending three to five years in their first home.
With LNG as well as other commercial activity, the Northern Interior is projected to lead the province in the realty market this summer according to the B.C. Real Estate Association.
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