Listen Live
Listen Live

PG housing sales heat up in May

The nicer weather Prince George saw in May got people off their couches and into the housing market.

According to the BC Northern Real Estate Board, 85 single-family homes were sold last month with an average selling price of $508,329.

The number of transactions far outpaced April where just 58 units came off the market selling for roughly $503,000.

Vice-Chair, Kristine Newell told MyPGNow.com the spring spike isn’t uncommon.

“We tend to slow down after school lets out and then we pick up again later in the summer. We are also looking at two more possible interest rate increases later this year – that might spur people to get into something before those rates do come up and while they have those rate holds still in place.”

With higher interest rates still very much in play, Newelll stated the first five months of 2023 have gone according to form.

“As we have seen all year January was very, very low sales, and as we move forward, people have gotten more comfortable with that this is going to be the new normal with these rates for a little bit longer. People are getting back out and buying those houses and just getting on with it.”

The higher rates have also led to some homes being kept on the market a little bit longer.

“The higher priced homes are still selling, they are just sitting a little bit longer and if we compare that to April, which was a much bigger gap of about $60,000 year-over-year we are seeing the gap close as we return to normal conditions,” added Newell.

In addition, 250 single detached sales have been made in PG through the first five months of 2023 for an average selling price of $496,882 down from the 380 that were sold in May of 2022 ($534,407).

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

Continue Reading

cjci Now playing play

cirx Now playing play

- Advertisement -

Related Articles

- Advertisement -

Latest News

Northern Spirit Transportation to take over YXS shuttle service September 1st

The transit company was first established in 2003 and navigates the regions highways and industrial roads year-round.

B.C. Government providing funding for francophone initiatives

The B.C. Government is investing $250,000 to support six non-profits in delivering initiatives reflecting the needs and priorities of the province's francophone communities. "This year's recipients highlight the strength and creativity of francophone organizations across British Columbia," said Minister Responsible for Francophone Affairs Adrian Dix.

B.C. Conservatives call for clarity from Supreme Court of Canada on Cowichan title case

B.C. Conservative Leader John Rustad wants Canada’s top court to weigh in on the recent decision in favour of the Cowichan Tribes' land and fishery claim in Richmond.

Cougars back on the ice for Training Camp this weekend

A sure sign that summer is winding down, the Prince George Cougars will be back on the ice this week. The team announced rosters and schedules for the team's 2025 Training Camp, which will be taking place at the CN Centre this weekend. 

Supreme court hands down life sentence to 43-year-old man connected to historical PG homicide

In August of 2015, Mounties arrested Sundman, along with his brother Kurtis Sundman and Sebastian Martin in relation to the incident, all of whom were from the Vanderhoof area.
- Advertisement -