Positive Picture Painted for Northern Real Estate Sales
Thursday, October 24, 2013 @ 3:56 AM
Prince George, BC– The British Columbia Real Estate Association is predicting a strong 4th quarter for real estate sales in B.C.
The picture is particularly positive for northern B.C. says BCREA Chief Economist Cameron Muir "Overall when we look at sales throughout the Northern Real Estate Board, last year, through 2012 almost 4% overall growth in real estate sales.” That is a stark contrast to the Greater Vancouver area which saw a 23% decline during the same period.
“When we look at the Northern Real Estate division it has been the strongest and most resilient in the post recession economy” says Muir. “This year we expect a further 3.2% growth in overall sales (in the North) and almost 5% again next year. Consumer demand is strong in the north and prices have certainly gained momentum over the past couple of years and this year we expect prices to be up a little over 5%”
Muir says while job growth in the North this year has been relatively flat, there is still a significant amount of investment that has gone into the northern region “Both in resource extraction and transportation and that is likely going to continue, there is also increased investment in housing and that will drive the market as well. My expectation is, certainly next year, the economy both at home and abroad is going to be much stronger it’s going to lead to much stronger economic conditions in the north and we are going to continue to see an upswing in most housing markets across the North.”
Across the province, BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 6 per cent to 71,700 units this year, before increasing a further 6.3 per cent to 76,200 units in 2014.
The five-year Province wide average is 74,600 unit sales, while the ten-year average is 86,800 unit sales. A record 106,300 MLS® residential sales were recorded in BC in 2005.
Comments
It is mostly a game of musical chairs, only the chairs are replaced with houses.
Is it not possible to provide information about how many new houses are actually bought as a ratio to pre-owned houses?
200- 300 new homes are built almost every year in Prince George, Yet our population does not change????
Is it that so many people are not filling out the census forms to get a accurate count. I think those people who refuse to fill out the census forms should spend time in the ‘Clink’.
This is how we get funded from upper levels of government. Its kind of like getting tax money back. Think about it.
The Northern Real Estate board takes in a huge area, so who knows whats actually taking place in PG.
Single family housing starts in PG year to date is 93. Year to date last year 109.
I don’t think real estate sales is any indicator of whats happening in a community. Are the people who are selling the homes leaving town??. Are the house’s being sold turned into rentals?? Are people moving to PG from outlying areas replacing those who left?
Who knows?
HeSpoke: “200- 300 new homes are built almost every year in Prince George, Yet our population does not change????”
There are fewer people living in their homes on average. Plus, many people who lived with their parents in the 70’s, 80’s, and 90’s now have their own homes.
Interesting they don’t include the average sales prices as a reflection of home sales. Is it in a depreciating market or are they going up in value?
Unless incredible things happen at the airport, I really don’t see where home ownership growth will come from in PG. PG is not a home owner friendly top of the market livable city, so all our growth will only come from industry and most of the ‘northern industry developments’ are at least 200km or more from the city.
We might capture some fly in fly out traffic as it passes through and that’s about it. The last 20-years is the best indicator of PG’s true future with the leadership and debt we have IMO.
I agree
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