The BC Northern Real Estate Board is reporting steady growth so far this year, with average price of a home crossing the $300,000 mark.
PG Director Bob Quinlan says there is a hot resale market for older homes in the bowl.
“I believe the strength of our industry in Prince George is that middle range, those homes that are already built and are in the $200k-350k range. Those are affordable for people, first time buyers and many second time buyers.”
Quinlan says these older homes give new homeowners a chance to grow their investment.
“I always say to people looking to purchase a home, what is your exit plan?”
“A lot of people that go into the high end custom homes, they don’t have an exit plan, they are going to be carried out in a pine box. But the people that look at their exit plan and say ‘I can do this and this to this property’… and sell it in 5-6 years.”
He added that many baby boomers are also snapping them up, renovating them as they downsize.
754 properties worth $211 million have changed hands in Prince George so far this year, up from 721 worth $186 million for the same time last year.
The average price of a home sold now sits at $300,903 up from $275,353 in 2014.