The average household has to spend 27.2% of its income to purchase a home in Prince George according to the BC Northern Real Estate Board.
That figure is in line with Quesnel and is lower than Terrace, 100 Mile House and Prince Rupert who range from 28 to 34%.
Board Director Bob Quinlan says the demographics in the city are changing too, with more people looking to buy smaller homes.
“Seniors or empty nesters are now downsizing and buying a home in College Heights or Lakewood and then renovating it to suit their different lifestyle needs.”
The Prince George area should continue to remain strong with more developers from the south finally taking notice of the city according to Quinlan. “I think we’re going to see steady growth. A lot of investors from Vancouver are purchasing rental properties so anyone with a rental property is going to do well but rents are still staying reasonably affordable.”
Residents are also zeroing in on a certain price range. “The focus is on the homes that have been built 30 years ago that are in the 250 to 400 thousand dollar range is considered very affordable and is what people are going after,” says Quinlan.
The average home price in Prince George is expected to remain in the $300,000 range in 2017.
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