P.G. Housing Market Looks Good for 2014
Friday, November 1, 2013 @ 3:59 AM
Prince George, B.C. – Canada Mortgage and Housing is predicting a 39.1% increase in single detached housing starts in Prince George next year.
In the forecast, CMHC notes the year to date starts on single detached homes is down by 14.7% over last year’s starts during the same period. The prediction is that housing starts in Prince George will finish the year, down by 28.1 % compared to the figures for 2012.
The picture for multiple family dwellings is much brighter, with multiple family dwelling starts expected to be up by 47.1 this year, but down by 6.7% in 2014.
CMHC says B.C.’s economy is expected to grow by 2.5% in 2014, that’s slightly ahead of the national average.
On the resale market, good news there as well, with CMHC predicting a 4% increase in the average price in 2014. This year, the average price is expected to come in at $261,500, up 3.8% from the average price of $251,959 recorded at the end of 2012.
Comments
Predict all you like CMHC….with PG shedding good jobs and property taxes going up every year I predict an exodus from PG….not an influx of new people.
“The prediction is that housing starts in Prince George will finish the year, down by 28.1 % compared to the figures for 2012.”
Where are he actual numbers?
Why can we not see a 10 year retroactive look at actual figures as well as predicted figures.
I think the predictions for individual small communities such as PG are a lot of stabs in the dark and thus useless information. Are there any spec builders who actually use those figures to determine how many they will build?
Ah CMHC, makes Fanny and Freddie look sound. Thanks for the crystal ball prediction. Almost as entertaining as CREA’s CPI frankennumber. With personal debt levels some of the highest in the world along with homeownership as a percentage of population, I’d guess Canada’s about to hit the wall. Just an observation, don’t let figures and fundamentals get in the way. “Buy now, prices are going up forever”.
Here are the records of actual sales in the greater PG area per month since January 2005 up to September 2013
The last high was in August 2007. It then dropped from 223 sales that month to 151 sales in July 2008. It stayed that way for 5 years. This year it went up slightly to 164 in July 2013.
I realize that these are not new housing starts. I would love to see some stats on that from the real estate people to see how many were built each year, what the price range is and how many have been on the market for 3 month increments.
http://princegeorgerealestate.blogspot.ca/2013/10/10-years-home-sales-stats-for-prince.html
A comparison between new housing starts and PGs population figures over the last 10 years would be interesting to see.
I am one of those people Mercenary is talking about, have left PG behind. Was a great place to live and work, but the years of rising expenses and less and less services and the waft of backroom deals not necessarily for the benefit of the average citizen it was a definite factor in the decision making to leave. The mill jobs leaving Quesnel and Houston are going to be followed by jobs closing in other areas too, this will all trickle down to the viability of PG. Sadly the local leaders arent’ visionaries and attempting to strengthen the community. Too bad, they are ruining a great place.
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