Prince George Real Estate Weathers Commodity Slump
Prince George, B.C.- The number of single family dwellings sold in Prince George last year, was up from the number sold in 2014 as was the average value.
That’s according to the BCNorthern Real Estate Board which has released its final report on last year’s real estate activity. In Prince George, 976 single family homes sold in 2015, and the average price was $284,611. In 2014, there were 950 units sold with an average selling price of $271,580.
The overall number of properties sold in P.G. saw little change in the number sold, but the total value was higher. 1442 properties worth $377 million sold in 2015, compared with 1449 properties worth $355.5 million in 2014.
But not all communities under the BCNREB saw positive results.
The combined results in the Board’s area (from 100 Mile House north) saw 4840 property sales worth $1.2 billion last year. That’s down from the 5,218 properties worth $1.3 billion that sold in 2014.
“Some areas in the BC Northern area are being affected by the global commodity slowdown and have seen a drop in sales volume and also price pressure,” says Ken Laursen, Past President of BC Northern. “The effect of commodity markets on the housing market in some areas brings to the forefront the fact that the economy of the north remains largely commodity driven.”
Prince George continues to be mostly unaffected by the economic conditions in either the northern, western or southern areas of the BCNREB.
Here is how other communities finished 2015 when it comes to the sale of single family dwellings: