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.”
Comments
A lot of BC Liberal donations come from wealthy people in the real estate industry, the BC Liberal Party fundraising chair Bob Rennie is a real estate mogul himself.
And then we have this story… hmmm…
Seriously?
I agree with you, seems like we have political party bashing yet again. And the NDP would be……… Different? Or any other party for that matter. Like, are politics involved in the building of washrooms too? Conspiracy theories here we go!
So take the hint from Elaine and explain yourself and your constant political conspiracy theories.
You know, you are actually not “being” a normal “human” at all.
Seriously, its more than bad optics when Christy Clark includes BC real estate companies on a trip to China, while at the same time foreign investors from China are buying up real estate, and pushing up prices in the lower mainland, with spill-over effects throughout BC. But everyone knows you have to throw your political backers a bone, even if it means attracting more Chinese investors to push those real estate prices even higher… and then… surprise, surprise, we have a “housing crisis”… so yes SERIOUSLY!!!
ht tp://www.cbc.ca/news/canada/british-columbia/bc-christy-clark-trade-mission-asia-real-estate-1.3604817
Got our BC Property Assessment the other day, and there is no way to explain the increase in value for our house and property. Not complaining, until property taxes come due, which is based on the value of our property. So who is the real beneficiary when property values rise so much? I will give everyone a hint… people who are in the same profession as the BC Liberal Party’s Chair of Fund Raising!
Yes!! And both Christy’s first and last names start with the letter ‘C’.. C as in CHINA! C as in CASH! It’s exactly how the Illuminati planned it!!!
You obviously do not read very well, or read very selectively.
From the article you linked:
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One of the companies, Nu Stream Realty, said it is on the trade mission to promote its commercial real estate division.
“This trip is mainly the commercial purpose. So we don’t do any promotion for the residential side,” said Anna Zhang, the company’s executive vice president for commercial division.
She said one example of the goal of the trip is to find investors for construction projects in B.C.
“While real estate is not a specific industry sector of focus on the mission, companies in the industry may have an interest in connecting with foreign companies that intend to establish a presence in Vancouver and will require information on site selection, leasing office space, etc.,” the statement said.
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You think you are a researcher…. LOL … try to be a bit more objective and do not use your links on the assumption people will not read them and you may be more successful in scoring debating points.
What’s up gopg2015 (Gus), you didn’t respond to my comment below about Sutton WestCoast Realty being only a “Residential” Real Estate Company. So what were they along the ride to China for, if not to promote and sell “residential” real estate? Yup, some serious research on my part uncovered that little tidbit of factual information. I am not keeping score though… would not want to embarrass you publicly.
I am not on a time schedule to respond.
You are not a strategic thinker.
Do you think that anyone would invest in a plant here from thousands of miles away and not have management and technical people here to supervise and work in plant activities?
I designed a 6,000 sf house on Dragon Lake in Quesnel some 35 years ago. That house was sold to Daishowa when they became 50% partners in West Fraser Pulp Mill so that their managing partners and others had a place to stay when in Quesnel.
A friend of mine was a robotics specialist for Daimler Benz in Germany. He moved to Michigan for 3 or 4 years over a decade ago when Daimler Benz bought Chrysler for $36 billion. They had to have a place to live and lived in a house purchased by the company.
It takes people to do a take-over, a merger, or build a new business. People do not live in industrial or commercial properties.
Think. Think. Think. Repeat that over and over until you understand what it actually means and remind yourself what you seem to forget.
You repeatedly show that you have absolutely no “street smarts”.
“Yup, some serious research on my part uncovered that little tidbit of factual information”
You have not got the faintest clue how to do serious research. Research which displays standard practices, never mind best practices.
“Got our BC Property Assessment the other day, and there is no way to explain the increase in value for our house and property.”
Go to evalue on the web run by BC Assessment and look at comparable sales in your part of town over the last year and you will see why your place went up.
Dispute your assessment. Talk to your neighbours and tell them not to be so greedy when placing a value on their property. Tell them to sell the properties at assessed value or less.
it is pretty simple, if you want your house to be worth less, vote NDP. They have a uncanny reputation to shoo away free enterprise, and have the state run your lives. The last run they had, they took this province into a have not province.
If the NDP gets in, your house value will go down by the end of the term. Why, because with no hope for work or good employment, the price the people are willing to pay for the property will decrease.
What?
No PUBLIC SERVICE ANNOUNCEMENT?
What’s up with that?
From reading Being human’s posts it is plain to see that he has a very narrow view on the world that is further clouded by seeing it all through a thick orange haze. If there is a story on Canada Post will the mailman for the liberal party offices will be accused of being a “bagman” as he delivers membership renewal checks and such to the party from across the province?
Start the countdown….I’m sure it won’t be long before BH disappears again and morphs into some new ID!
Of course he won’t be able to hide his obvious BIAS and as mentioned above his view of the world that is so impaired by the thick ORANGE glasses that are permanently attached to his face!
It will only take one post to spot the NEW BH, or Peeps, Or JGalt or ????
Now why would I get kicked off this site, when virtually every one of my comments are supported with researched evidence? I am NOT a conspiracy theorist when it comes to this Lib-Con government. It must take someone with a grade 12 education to take a trade delegation of real estate companies to China to encourage more foreign Chinese investment in BC real estate which is the very reason why those prices are being drive into the stratosphere, causing a “housing crisis”.
Public Service Announcement or not, it is important for people to know just how incompetent this government is.
It seems you do not understand that if someone wishes to make an investment in Canada which may involve setting up an office, a manufacturing plant, etc. that they may want to consider buying an existing commercial or industrial building, or at least understand that part of the investment required to do business in Canada when setting up a subsidiary, etc.
You are making the assumption that real estate only invovles residential real estate. It doesn’t!!!
Get to understand a bit more about what you are posting about and you might do better than you currently are.
Oh, I forgot, where is your research evidence to show what the purpose of the inclusion of real estate experts in a trade team expedition to China or any other country?
You think you put 2 and 2 together and got 4 …. you do not realize you actually got 12 which puts your associative theory way of the associative chart into the crackpot range.
Kind of hard for a company, specializing in “residential” real estate only, to sell commercial property, don’t you think? Yup, Sutton WestCoast Realty was one of the companies that took that trip with Christy to China, and they don’t list or sell commercial properties. So why would they go, if not to promote and sell “residential” real estate?
My comment stands as being a seriously valid one!
What are you talking about BH? Sutton Group sells and leases commercial space
Learn something about Real Estate and do not rely solely on poorly reported newspaper reports.
The trip is to promote investments in BC.
Sutton also manages commercial properties. It would seem that an investor, whether from overseas or the east coast or even BC might want a company to take care of a commercial property investment.
It seems that never entered your mind, and you did not do adequate research because you really do not understand he full range of real estate services.
mysuttonpm.com/services/commercial-property-management#
from that site:
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COMMERCIAL PROPERTY MANAGEMENT
Commercial property management is more than just leasing a property and collecting rent. It’s about keeping a close eye on costs and generating accurate reports for owners.
Accurate and timely accounting and reporting systems that meet our clients’ needs are critical to our success. Our accounting team and property managers provide expertise in the development of asset plans and ongoing management of the property. We provide reports and information that will help control costs, ensure cash management strategies are executed all towards enhancing asset value.
“You think you put 2 and 2 together and got 4 …. you do not realize you actually got 12 which puts your associative theory way of the associative chart into the crackpot range.”
I am so going to borrow this!
For anyone who wants to get an understanding of the reason why Vancouver has grown as much as it has in the last three decades one has to give consideration to Expo 86 as a catalyst to open the city to the east, and include the fact of Hong Kong’s pending return to China and the interest in wealthy Hong Kong residents to build a security blanket outside of China.
Read Deal of the century: Expo 86 land purchase changed Vancouver
Controversial land deal set stage for Asian investment and growth of city Vancouver would become
cbc.ca/news/canada/british-columbia/expo-86-china-business-vancouver-1.3560255
Without that understanding one should not even hazard a theory based on blinkered thinking with a more complete understanding of the entire phenomenon.
BTW, Li Ka-shing bought the Expo lands in 1988 for $320 million. Puts neophytes like Trump to shame.
One more:
The Expo effect: How Expo 86 changed Vancouver
World’s fair left key infrastructure legacies and turned a large tract of industrial land into an urban streetscape praised worldwide
biv.com/article/2016/4/expo-effect-how-expo-86-changed-vancouver
The thing about transforming a relatively small Pacific Coast Canadian City into an internationally recognized community sitting in one of the most picturesque urban landscapes in the world is the fact that it becomes a sought after destination for those who can afford doing business in such a community and living in such a community.
When one invests in infrastructure and it is done in location, location, location, one gets action, both wanted and unwanted, depending on whom one talks to. It comes with the territory.
From an associated article to the above
“The values reflect market value as of July 1, 2016. The total value of all property in Greater Vancouver has been assessed at $825.2 billion; this is a 29.7% increase from $636.2 billion in 2016. Just under $11 billion of this increase relates to new construction, subdivision and rezoning.”
“Increases of 30-50% will be typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish.
Puts PG assessments into context.
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