Solid Year for Real Estate in Prince George
Prince George, B.C. – The BC Northern Real Estate Board President, William Lacy, says 2016 “Was kind of a mixed bag” for the full region, but a solid year for Prince George.
The north east of the province, which saw a downturn in the oil and gas sector, saw sales drop by about 50% last year. Housing prices in Fort Nelson slipped by about 10% but in Ft. St. John, the average selling price actually increased. “People aren’t really panicking” says Lacy ” It’s just the reduction in sales activity, so people know it’s going to come back once those resources get back into favour. So there is a light at the end of the tunnel.”
Prince George proved to be a very strong market says Lacy ” They have well diversified their economy, so they’re well insulated against those fluctuations in resources that affect the north.” He says the average home price in P.G increased by about 10% and activity was up by about 15%.
In the northwest, Lacy says the market was stable ” A good characteristic of that market now is that it’s no longer a boom and bust, it’s a boom, then hold steady, so we’re not getting that up and down, we’re getting the up, then hold steady and then hopefully an up again with the coming activity in the spring.”
He says the forecast for 2017 is positive ” The affordability issues that we have seen in the southern part of the province will likely continue the migration of people up north. And if we see resources back in favour we should see activity increase there, so I think the northern part of this province will have a good 2017.”