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Northern BC housing market struggles in August : BCREA

Challenges with the forestry sector, which include curtailments at several BC sawmills has seen the housing market in the north cool off.

That’s according to the BC Real Estate Association who says northern residential sales declined by 8% in August when compared to the same time last year.

Deputy Economist Brendan Ogmundson told Vista Radio their early predictions for the north aren’t coming to fruition.

“We were pretty bullish on the north to start this year but just the global economic environment has gotten very uncertain due to the escalating trade war between the United States and China.”

Ogmundson further explained what may be causing the downturn.

“I think a lot of the economic conditions on the ground are adding to some of those struggles, some of that slowing in demand. We actually saw sales in Prince George taper off about 10 percent and sales in the whole Northern BC Real Estate Board down about seven or eight percent year-over-year.”

He expects Northern BC to conclude 2019 as a bit of a down year.

“I think the north is going to end the year down and we’re expecting a slow recovery back in 2020, we have seen a little bit of a pickup in month over month sales in some areas and the other issue in the north is supply, so even though demand is down there is just so little supply that we’re still seeing quite a bit of upward pressure on prices.”

In the province, under 71-hundred unit sales were recorded, an increase of five percent when compared to August of 2018.

The average home price in BC is just over $685,000, up 2.6% from the same period last year.

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

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