The average price for a single-family home in Prince George has gone up 50-grand in just one year.
According to the BC Northern Real Estate Board, the average price last month came in at 456-thousand dollars, up from March of 2020 where it was $406,000.
President, Shawna Kinsley stated the demand continues to outweigh the supply.
“A big issue is low inventory. So, when you combine low inventory with low-interest rates along with some pent-up demand that’s been building over the last year here, you really make for a great seller’s market.”
Potential buyers are also broadening their horizons and are not just solely looking at the Hart or College Heights.
“It used to be that people only wanted to live in those two areas or Heritage but with low inventory, people are more apt to move to other areas,” added Kinsley.
Bob Quinlan with RE/MAX Core Realty told MyPGNow.com sellers are receiving no shortage of interest for their homes.
“We are seeing evidence of multiple offers where not necessarily the highest prices are making the purchase it’s the strongest offer and the sellers are still doing very well.”
112 single-family homes changed hands last month in PG, which is more than double March of 2020 where just 51 units were sold.
Quinlan acknowledged the year-over-year sales surge is even more eye-popping when you look at the first three months of 2021.
“We’ve had in the area of the single-family dwelling an increase of about 77% of the sales over last year, and in the attached homes when we look at condominiums and stratified apartments or townhouses we have seen a 44% increase.”
The Northern Capital is also seeing an influx of buyers from the Lower Mainland.
“I have a client right now that is still working from home in Vancouver and recently bought a house here because he can do the same thing in PG and I think that is a trend we are going to be seeing more of,” added Kinsley.
Quinlan believes this to be the case as well, as long as the employment sector stays competitive.
“As long as we’ve got the employment and income possibilities that the people can maintain, they can bring their equity from the property that they purchase and borrow less and being able to afford here. There is certainly an element but it seems to be most of the people are cashing in down south that are looking up here at these opportunities.”