Healthy Boost to Housing Starts in PG
Prince George, B.C. – Housing starts in the Prince George area are well ahead of where they were last year at this time, and Central Mortgage and Housing credits the boost to a strong resale market throughout the province.
“Demand for new homes has matched supply, keeping inventories of completed and unabsorbed homes in check” says Carol Frketich, CMHC Regional Economist for BC.
CMHC says that as of the end of July, there have been 165 new housing starts in Prince George, compared to 69 at the same time last year.
The construction figures reflect 95 single family homes have been started so far this year, compared to 62 during the same period a year ago. The number of multiple family dwellings has increased tenfold, with 70 such starts in 2015, compared to just 7 a year ago.
Among the BC communities with populations of 50 thousand or more, only Kamloops saw a decline in year to date housing starts. Kamloops has had 239 such starts since January, compared to 259 in the same period a year ago.
Comments
How come?????
The market has been competitive. Maybe a few lower mainlanders found their marbles and realized spending half a million on 700 sq ft is insane.
Spending half a million on a place in PG, on a postage stamp sized lot? Lake and mountain view new homes, in nicer cities, are available to lower mainlanders wishing to cash out. There’s a lot of misplaced marbles in the PG real estate market.
Maybe for a shack or in a tiny city. PG provides the best of both worlds.
You can get a nice new house in Kelowna, Kamloops, Nanaimo, and all over the Fraser Valley for the same prices as PG. we just have a low average price because we don’t have any multi million dollar properties driving the average up. Many of those cities also demand builders have the driveway in and grass in the front. I like PG, it’s home, but the low average price is not an indicator the there’s a great deal or bargain in new PG homes.
PG is no longer the haven of affordable living we like to portray ourselves as. guvsux is correct, for roughly the same prices a person can get a home in the Okanagan or parts of the Kootenies as PG. Saw an article last week for a new housing development just outside of Harrison Hot Springs for houses that are comparable to the Aberdeen area but about $50k-75k cheaper. I know if I was ready to retire where I would put my money, I love the PG area but the winters are starting to get to me.
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