Home sales in Prince George continue to heat up.
According to the BC Northern Real Estate Board, 160 homes were sold last month, compared to only 51 during the same month in 2020.
The average price of a single-family home in the northern capital stands at $435,000.
Bob Quinlan with RE/MAX Core Realty examines whether or not buyers are rushing into the market while the prices remain affordable.
“Fear of missing out is certainly grabbing on to people and is part of the reason why we are seeing some of this heightened multiple offer situations. However, just because someone has made an offer higher than the asking price is the banks aren’t necessarily accepting the appraiser’s assessment of the property.”
BCNREB Director, Breanne Cote added buying a home in the northern capital isn’t as affordable as it once was, due to a lack of supply.
“We are definitely creeping away from that mandate now. We are working on some supply issues and once the supply starts to go up prices will level out a little bit but as long as there are a number of people looking for a house, the demand will continue to be strong.”
“We are still right on that cusp of affordability – we will have continued growth but not anything too crazy going into the rest of the year.”
In addition, the BC Real Estate Association (BCREA) is expecting a record year for home sales province-wide with nearly 126-thousand units changing hands.
In the BCREA’s second-quarter forecast, they expect all of Northern BC to record 56-hundred unit sales for 2021 -this would smash the previous record set in 2006.
The average price for a single-family home in the north is predicted to reach $392.000, a spike of nearly 18% from 2020.