Prince George continues to be a seller’s market according to the latest data from the BC Northern Real Estate Board.
The average price for a single-family home is 458-thousand dollars, up from 403-grand when compared to August of 2020 – an increase of 55-thousand dollars.
Bob Quinlan with RE/MAX Core Real Estate examined how the price hike is impacting those looking to enter the market.
“The big thing that I see right now is what we were always concerned about is what feeds the starter market. I see a lot of homes, which are considered starter houses or maybe even downsizers that people are moving into and when they purchase those, these types of sellers then go to their second or third home.”
So far this year, 770 single-family homes have been sold in the Prince George area.
That’s a 40% spike when compared to the end of August in 2020 where just 549 single-family homes changed hands.
Quinlan mentioned all areas of PG are experiencing healthy price increases.
“It’s a 13% hike in the area considered west of the bypass, upwards of 14% in the central and then the hottest area in the city is College Heights has gone up as much as 15 to 20%.”
Overall, 1205 units have changed hands in up to this point in 2021 – well ahead of the same time period last year where just 845 properties were sold.
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