Prince George, B.C. - If you are looking to buy a house, now is the time.

 

As summer fades away, prices are dropping and there are plenty of houses to choose from.

 

Garry Shannon with Royal LePage, says prices have been dropping for approximately one year now, “The market is leveling off and it will probably stay that way for the rest of the year. Depending on what happens come spring with the federal election and the increased jobs with oil and gas exploration, the airport expansion and cargo jets in November flying twice a day, we may see the market start to increase then.”

 

Although Shannon says Prince George took a hit with the loss of North Central Plywood and the lumber industry in general, people are now able to negotiate better deals with motivated sellers and low mortgage interest rates, “I think it is a big mistake that people are looking to sell and rent until next year because they think the market is still dropping. People are getting anywhere from $5000.00 to $15,000 below list price right now and interest rates have dropped yet again.”

 

June, July and August have been slow for sellers as the market was flooded and prices were high. The average house was selling for approximately $240,000 and has now dropped between $200,000 to $220,000. 

 

Buyers have come out of the woodwork which may keep the market flowing for September, October and November before the snow hits.