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BC Northern Real Estate Board says PG at a record-low for active listings

Housing sales in Prince George continue to occur at a healthy clip, despite a year-over-year decline.

According to the BC Northern Real Estate Board’s first-quarter report, 189 single-family homes have come off the market in the first three months of this year – a drop of 40 sales when compared to the same period in 2021.

Director, Kristine Newell told MyPGNow.com it continues to be a seller’s market even as PG deals with a record-low for active listings.

“Anywhere in the bowl is getting a healthy run of activity. Anything that lists seems to be going pretty quick right across the board.”

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“We are hoping to get some more homes on the market because the buyers are active and we do see that momentum carrying on until the end of this year unless something really bumps up the active listings.”

Newell added the average sale price for a single-family home is 519-thousand dollars, up 61-grand over the past 12-months ($458,000).

Furthermore, the recent cooling-off period announcement by the province, as well as the rise in the Bank of Canada’s key interest rate, is not having a negative impact on sales so far.

“Not at this time. We really don’t know what that cooling-off period looks like just yet and we are cautiously optimistic when it comes to that. The mortgage rates are decreasing some buyers purchasing power it doesn’t seem to be affecting the market right now, especially with all of them out-of-town buyers mostly from the Lower Mainland.”

When you break it all down by area, in the western part of the City, the median price of the 53 single-family homes that have sold was $445,000 ($410,500).

East of the by-pass, 53 single-family homes came off the market for a median value of $419,900 ($335,000). In the Hart, 27 single-detached homes sold with a median price of $502,000 ($420,000).

Lastly, in College Heights and the rest of the southwestern section of PG, 56 homes have sold since January for a median price of $620,250 ($507,500).

In total, 282 properties of all types worth over 141-million dollars have changed hands in PG during the first quarter of 2022.

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Across the north, the BCNREB reported 1041 sales with a value of $448,840,650 in the first quarter of 2022 – down from the 1526 sales worth $500,991,790 to the end of March 2021.

As of March 31st, 1721 properties of all types are available for purchase compared to 1314 at this time last year.

A link to the news release can be found here.

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