House sales way down, but prices up in Prince George last month

Housing sales in Prince George continue to be impacted by the coronavirus.

In April of 2019, 103 single-family homes were taken off the market for an average price of 400-thousand dollars, while last month saw 21 homes change hands for an average price of 415-thousand dollars.

Bob Quinlan with RE/Max City Centre Realty told MyPGNow.com the smaller sample size can skew the results with one major sale.

“We’ve only got a small number of homes to take a look at to compare last year unlike a larger number of homes a year prior, as I say, I think one larger sale will skew the numbers and people start looking for value.”

With Premier John Horgan expected to release details tomorrow (Wednesday) on how the government plans to re-start the B-C economy, Quinlan believes some people are getting anxious when looking at purchasing a home.

“There is a lot of activity right now and a lot of people are wanting to get out there and take a look and people need to buy some homes. Prices again are staying good, it’s just that whether or not more people can come out of the woodwork and look for homes like they did last year.”

Quinlan was also asked if buyers should wait to purchase a property until the re-opening of the economy plays out or if they should be ahead of the curve.

“Ultimately, the way it is going in BC and especially in Prince George, I think we are going to see a little bit of a dip but the big numbers are going to come out for the end of April during May and June and I think you are going to see a rebound there with prices so if people are looking to get a price opportunity even with a rental property there may be some opportunities there.”

Some economists are predicting a recession once the pandemic is over, which could lead to lower price values for a certain length of time.

However, Quinlan believes that determination will come down to one thing.

“It’s all going to depend on how many people have jobs and how many people can qualify properties to purchase so that will determine price values. Obviously, we are going to be affected by what happens in other areas more so, I would say it’s going to impact us and I think we will see it and feel it for the next year or two.”