Prince George’s housing market is coming out of hibernation with sales and new construction both experiencing a boost over previous months.
Canada Mortgage Housing Corporation (CMHC) market analyst Taylor Pardy says we’ve seen nearly twice the number of housing starts as we did at this time last year.
“Construction activity in Prince George was up in March with 19 starts for the month compare with 10 starts in the same month last year.”
And while the quarterly numbers aren’t quite as good, Pardy says that’s not necessarily a bad thing.
“If we look at the first quarter of the year, housing starts in Prince George have come in below the level that was seen in the first quarter of 2015. However, what is important to remember is that housing starts have been volatile throughout the year in Prince George.”
BC Northern Real Estate Board President William Lacy says the city is also seeing its typical springtime surge in property sales.
“The buyers, they sit through the winter with a limited supply. They come out swinging, so to speak, in the spring. It’s advantageous to get your house out there and listed and in front of those buyers that have been waiting all year for that spring selling season to kick in.”
Lacy says sales numbers are strong so far.
“Prince George market looks quite strong over last year. Whether it’s just the early spring, as we’re seeing…is kind of affecting everyone – Prince George, Quesnel, Williams Lake, 100 Mile – is yet to be determined as the year goes on. But Prince George has always been a strong market.”
Lacy says the city’s efforts to diversify its economy – protecting it from resource sector boom and bust cycles – have paid off.
Both Lacy and Pardy say the long term forecast for our housing market is looking pretty good.
“In general, CMHC’s forecast for new construction in Prince George is to remain relatively stable in 2016 with 210 starts forecast,” says Pardy.
“Barring any unforeseen circumstances like the plummet in oil we’ve seen over the past year,” Lacy says, “ it should be a strong market. Always.”
281 Prince George properties have changed hands so far this year, with sales totalling $76.3 million dollars.
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