The pre-Christmas rush to move into a brand new home in Prince George has come and gone.
According to the BC Northern Real Estate Board, 44 single-detached homes came off the market in November for an average price of $458,690 – substantially lower than October where 54 sales were made worth an average of $495,000.
Board Chair, Breanne Cote to MyPGNow.com activity is likely to slow to a crawl over the next few months.
“Little do they know they have a little bit more time this year (due to the balmy weather so far) than others but it’s a pretty normal thing for November, December, and January to slow down in our market for sales, mostly because of that snow and the Christmas season and the busyness of that.”
Cote added many potential buyers continue to wait and see how the whole interest rate scenario will play itself out in the next few months, especially with the Bank of Canada holding its rate at 5% for now.
“It’s just what is going to be. They are probably going to hold until the beginning of next year and we will see what they do from there. That is kind of what people are waiting around for is what they are going to do with it (Bank of Canada).”
“The original forecasting (for rates to go down) was for the first or second quarter next year but the most recent forecast is saying maybe not until the middle of next year or into the third quarter. Who knows what is going to happen because a lot of unprecedented things have happened over the past year or so.”
Year-to-date, 665 single-family homes have been sold in Prince George for just over a half million dollars. During the same period in 2022, nearly 800 transactions were completed with an average price of $524,492.
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