November was a steady month for single-family home sales in Prince George according to the B.C. Northern Real Estate Board.
Sixty-two single-detached homes were sold last month, an increase of seven (55) when compared to 12 months earlier.
In addition, the average selling price spiked by 30-grand during that same time period going from $491,312 (November 2024) to $521,304.
Director, Kristin Houghtaling told MyPGNow.com it was a pretty positive result given the time of year on the calendar.
“This month was a little bit slower than last November but overall, the single-detached sales have actually increased by about 13% over last year. It is a little bit slow right now, which is typical for the season but its looking strong and resilient.”
She expects a surge in activity once the holiday season comes to a close.
“I think so. I think that is what we normally see around that time of year as the positivity is shifting upwards and people start looking forward on what is to come and we are expecting a pretty decent market I would think.”
Houghtaling stated with the Bank of Canada holding its rate steady at 2.25% is good news for potential home buyers.
“Everything is not changing so drastically like we had seen a few years past where they dropped the rates really fast and then came back up really quick. Having nice stability and even lines through there and it brings some structure to the market for people looking for mortgages and stuff like that.”
On a year-to-date basis, 779 single-family homes have sold, selling for an average price of $539,249 – an increase of 24-grand when compared to November 2024.
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