Housing prices in PG continue to soar in July

The selling price for a single-family home in Prince George trended upward yet again despite fewer sales.

Last month, 77 homes were sold for an average price of 438-thousand dollars, while July of 2019 saw 98 properties change hands at a value of 370-thousand.

That’s a year-over-year increase of 68-grand.

Bob Quinlan with Re/Max City Centre Realty told MyPGNow.com quality homes are at a premium.

“People are being very, very picky, we’re seeing that if there is a good quality home it may be a newer home that’s updated or some homes that have the rental capacity to them so people are looking for more value in the home, thus making those purchases.”

On the topic of rural properties, now might be as good a time as any if you’re looking to sell.

Last month, four of these homes changed hands for at an average of 545-thousand dollars, while July of 2019 saw 14 sales at a value of 385-thousand.

However, Quinlan mentioned the year-over-year increase of 160-grand should be viewed in a different light.

“It’s a bit of misnomer because of the fact we have so few home sales to compare them to but some of the homes that are on the market right now in the rural areas are some pretty, pretty special homes getting some very dear prices.”

He added once the six-month deferral on mortgage payments comes to an end, we may see more people put their houses on the market this fall.

“The banks are going to get a lot tougher and people are going to be a little bit more motivated to get out there but they should be doing they’re homework when either buying or selling their home.”