Home Sales Down

Monday, February 16, 2009 09:57 AM

Prince George, B.C.- Home sales and prices in B.C. in January were down , but the number of listings is up. That’s the latest information from the BC Real Estate Association.

The story was the same for the “Northern Real Estate Board” which includes Prince George. January dollar volume was down by more than half at $25,647,000 compared to $56,742,000 in January of 2008. The average price last month was $200,370 while a year ago the average price was $210,156 for a decline of 4.7%. Last month 128 units sold comparted to 270 sales in January of 2008.

“Home sales were sluggish in January, reflecting an overall malaise in consumer confidence and a weakening provincial economy,” said Cameron Muir, BCREA Chief Economist.

“Reports of an increasing number of consumers shopping for a home have yet to materialize in the sales statistics,” added Muir. “The large selection of homes for sale in January likely reduced any sense of urgency for potential homebuyers to commit to a purchase.”

Improving home affordability resulting from lower mortgage rates and home prices is expected to elevate sales activity in the province this spring.

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Posted on Monday, February 16, 2009 09:57 AM in News by 250 News

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Comments

Posted by: Harbinger on February 16 2009 11:35 AM

Home sales are down. A party is proposing a new subdivision down on Foothills near the river. Do they know something the rest of us don't? Lotsa faith in the "soon to be" turned around economy? Good luck to them and their lenders/investors.

Posted by: He speaks on February 16 2009 11:43 AM

It took probably the investors 18 months to go thru city hall to get it this far, they probably didn't expect the economy to fall apart, in the meantime their clock is ticking.

Posted by: dirtcheap on February 16 2009 12:10 PM

Did anyone ever stop to think that maybe people are leaving this province,hmmmm would'nt have anything to do with there being not so many jobs here would it?"The Best Province on Earth".... no way!

Posted by: red2b on February 16 2009 12:30 PM

"Did anyone ever stop to think that maybe people are leaving this province..."
Is BC the only place in North America that is losing jobs? Look around. The whole world is losing jobs.

Posted by: dirtcheap on February 16 2009 1:08 PM

red2b;I did not say B.C. is the only place in North America that is losing jobs,I was only refering to the fact that there are not too many people buying homes right now.

Posted by: red2b on February 16 2009 2:51 PM

Agreed, there are not too many people buying homes. There must be a couple of hundred "new" lots on the market now. Will take a few years to build those up. Approval for more up at council tonight.

Posted by: Harbinger on February 16 2009 5:23 PM

Just a thought, but taking into consideration how long things take to be planned, built and completed in this "gritty mill town" thanks to all the rules, laws and hoops to jump through I can see the economy turning around BEFORE something like this is completed here in PG. Sandman Inn on 16 going gangbusters? Haven't had a chance to look inside.

Posted by: RUEZ on February 16 2009 6:33 PM

How are we supposed to read that chart?

Posted by: HD on February 16 2009 10:11 PM

Yes, it's hard to read, isn't it?
I bet real estate people don't want you to read it.