89 building permits worth approximately 100-million dollars have been awarded for single and multi-family homes according to city officials.
Bob Quinlan with RE/Max Core Realty admits while the city is growing and housing supply needs to be improved, how much our population will increase is still anyone’s guess.
“When I look at see what is there and I see all the projects going on, I am little concerned that we are going to be overbuilt but that may not be a bad thing.”
Meanwhile, home prices in Canada skyrocketed in June to mark the largest 12-month spike on record.
That’s according to Teranet National Bank who noted its price index rose 16% from June of 2020, edging out a 14-point hike three years earlier.
Quinlan added Prince George prices have increased 15 to 20% with sales still occurring at a healthy rate.
“We are not seeing any slowdown and prices are up year-to-date in the 15 to 20% range between year-to-date now and year-to-date last year. When looking at June to June we are still seeing price increases of five to seven percent.”
“There still seems to be a lot of rebuilds in the city centre when we look at the VLA over by Lheidli T’enneh Memorial Park and also we are seeing west of the bypass we are seeing a lot of new construction and such, which is happening in the new subdivision so those are kind of skewing the numbers. It’s not just a straight purchase and sale and increase in prices there is a lot of improvements going on.”
Here are the latest numbers reported by the BC Northern Real Estate Board when using Single Family Dwellings as a measure within city limits:
- West of bypass YTD (year-to-date) vs. 2020… prices up 15% to $420k
West of bypass this month vs. June 2020… prices have increased 6% to $413k
- City Centre YTD vs. 2020… prices up 23% to $357k
City Centre this month vs. June 2020… prices have increased 14% to $331k.
- City North YTD vs. 2020… prices up 21% to $486k
City North this month vs. June 2020… prices have increased 14% to $331k.
- City Southwest YTD vs. 2020… prices up 13% to $531k
City Southwest this month vs. June 2020… prices have increased 16% to $589k