Average selling price for single-family home in PG has dropped by $52,000 in 12 months

Housing prices in Prince George have seen quite the nose-dive in the last calendar year.

Last month, 66 single-family homes were sold in the northern capital for an average price of $460,467 – a far cry when compared to September of 2022 when 69 homes changed hands with an average price of $512,853 – that’s a decline of over 52 grand.

Kristine Newell with the BC Northern Real Estate Board told MyPGNow.com that while rate hikes from the Bank of Canada are doing their job, the recent results come after a couple of near-record-setting years.

“I think that is probably the main effect. It’s also that when we were coming out of 2021 and 2022, those were kind of anomalous years they weren’t really average – comparing to those is difficult for us right now but it seems the interest rates are the driving force.”

She added most of the lower-priced homes are being bought up now since many buyers are being forced into a lower price range.

Newell mentioned housing activity is likely to slow down until the second or third quarter of 2024.

Year-to-date, 567 single-family homes have been sold in the northern capital ($504,333), a noticeable decline from this point in 2022 where 697 single-detached properties ($527,184) were purchased.