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HomeNewsIs Prince George's housing market in line for a price correction?

Is Prince George’s housing market in line for a price correction?

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Could the red-hot seller’s market in Prince George cool off in the near future?

A group called Capital Economics thinks so as they expect home prices across the country to drop by as much as 10% in the next year.

However, Bob Quinlan with the BC Northern Real Estate Board told MyPGNow.com that some people are taking their time when it comes to selling due to a lack of supply.

“It just seems that right now when there are fewer homes on the market, some people who are thinking about selling and making a move or a change are afraid because they are not going to have a home to move to so that is kind of a double-whammy on the supply and demand issue that we have.”

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“What we are seeing right now is that we do need the interest rates to go up enough in order to correct this market enough that we are going to get more homes on the market. But, I think in the next four to six months we might see some adjustments in Prince George.”

The average price for a single-family home in PG is 571-thousand dollars, up significantly from April of 2021 when it was $472,500 – that’s a spike of over 98-grand.

In terms of total properties, 111 came off the market during April – a decrease of 50 when compared to the same month last year.

According to the BC Real Estate Association, the north saw a near 33% decline in home sales over the past 12 months. 357 sales were recorded last month after 530 ended up being tallied during April of 2021.

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