It continues to be a seller’s market in Prince George according to the BC Northern Real Estate Board.
The average price for a single-family home is 514-thousand dollars, up from 429-grand when compared to January of 2021 – a spike of $84,000.
Breanne Cote with the BC Northern Real Estate Board told MyPGNow.com the city much like the rest of the north is suffering from a lack of listings, an issue that’s been around before the pandemic.
“It has really gotten worse in the last year or two. The winter market in Prince George though you will always see a lower amount of listings and we are at a bit of a gridlock right now where we have a lot of people who would probably be listing their houses if they had something else to buy.”
Bob Quinlan with RE/MAX Core Realty also stated with the Bank of Canada possibly raising interest rates later this year, some buyers are trying to strike while the iron is hot.
“So with that looming on the edge it is going to make a difference but while interest rates are low and people still being able to borrow a lot of money, anything that is really nice and pretty, fixed up and well done is going to go as a premium value.”
“And the properties that are beat up and need some updating, they are going to need a second look because people don’t want to be getting involved with a lot of renovations and expenditures that they don’t know.”
Cote agrees with that assessment.
“It’s a supply and demand issue and people are willing to pay a little bit more. People are also willing to pay a little bit more so they can get in here before the impending interest rates go up and we are seeing average prices up around the 500-thousand mark in the city.”
In addition, with the weather getting warmer, Quinlan is also seeing a few new trends pop up for potential buyers.
“We are seeing a lot of residential lands and lots being sold with people looking to build their dream home. There is a lot of land activity happening right now before spring so people are looking to get started early and there is some great activity in regards to multi-family homes.”
Last month, 86 properties were sold in PG to kick off 2022 – 50 of those were single-family homes.
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