Economist Amit Sidhu anticipates five-year qualifying rates to go from 6.75 percent to 6.95 percent in the short term while variable rates are projected to climb from 4.1 per cent to 4.6 by the third-quarter of 2027.
The average home price in Northern BC is $437,726 - an increase of 4.5% over the past 12 months.
In Prince George, the average selling price for a single-family home in November was $521,304.
According to the B.C Real Estate Association (BCREA), 368 units changed hands last month, a 17.6 percent spike year-over-year when compared to September of 2024 (313).
Through the first seven months of this year, 2,466 unit sales have taken place in the BC Northern Real Estate Board while 2,391 transactions occurred at the end of July 2024.Â
The average home price in the north is $470,919 - a 10.5% increase when compared to 12 months earlier.
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