Listen Live
Listen Live

Home sales drop by 15% year-over-year in Northern BC: BCREA

The housing market in Northern BC saw it’s downward trend continue during the month of October according to the BC Real Estate Association.

Brendon Ogmundson is the new Chief Economist of the BC Real Estate Association. (Photo supplied by BCREA)

Chief Economist, Brendon Ogmundson told Vista Radio the region was quite divergent when compared to the rest of the province.

“It’s actually the first time in about a year and a half that the average price actually declined year-over-year, it was essentially flat but it did decline by half a percent and sales were down fifteen percent.”

He adds two major sectors in the north blew their early-season predictions out of the water.

“We were expecting a stronger year across the north but we see a lot of local economic problems, especially in forestry but really in the whole trade sector, in general, have really hampered our expectations.”

However, the BCREA is hopeful the region can come back strong in 2020.

“Some of it is hoped that the global economy gets on a stronger footing and demand bounces back a little bit, especially in the United States. There are some longer-term problems in forestry when it comes to timber supply but a lot of the other stuff is trade-related that hopefully gets ironed out.”

The average house price in the north was over 306-thousand dollars last month, it was about 308-thousand in October of 2018.

Across the province, home sales spiked by 19% last month when compared to the same time last year.

In Prince George, sales were up between one and two percent on a year-over-year basis while prices on single detached homes are up.

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.

Continue Reading

cjci Now playing play

cirx Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

City Council approves budget to replace damaged garbage truck

Prince George City Council has voted to replace a garbage truck in the city. At last night's (Monday) meeting, City Council approved a budget of $750,000 for the purchase.  According to Director of Civic Operations Blake McIntosh, this will replace a garbage truck damaged in a motor vehicle incident in May last year. 

PG RCMP investigating two assaults resulting in one dead in downtown area

The Prince George RCMP is looking for witnesses for a pair of assaults on July 4th.

Cops for Cancer Tour de North hosting training ride in honour of former member

The Cops for Cancer Tour de North team will be holding a scheduled group ride on Sunday morning, their first without Shane Kelly after passing during a hit and run in PG last week. The ride will begin just after 8am from the overflow parking lot of the PG Aquatic Centre on 18th Avenue. The public is encouraged to arrive for the send off 15 minutes earlier (7:45 AM).

B.C. expands heat pump rebates to some renters, condo owners

British Columbia is expanding its heat pump rebate program to eligible apartment renters and condo owners. 

UNBC’s Athletic Director representing PG at World University Summer Games

125 varsity athletes from across Canada are dawning the Maple Leaf for almost two weeks as they participate in the FISU World University Summer Games in Germany starting tomorrow (Wednesday). The athletes will compete in nine sports: archery, artistic gymnastics, athletics, badminton, rhythmic gymnastics, rowing, swimming, table tennis and taekwondo.
- Advertisement -