It’s a Sellers Market in P.G. says BCNorthern Real Estate Board
Prince George, B.C.- The BC Northern Real Estate Board has released its first quarter results on home sales and notes prices in Prince George are up, as is demand.
According to the report, there is a low inventory of homes available for sale in Prince George. At the end of the first quarter, the average price for a single detached home in Prince George was $309 thousand. That’s up from the average price of $293 thousand during the same period last year.
There were also fewer homes on the market in P.G, with 547 listings, compared to 600 in the first three months of 2016.
“We are seeing a slight increase in sales in many communities in the Board area compared to the sales at the same time last year” says BCNREB President John Evans .
Evans notes fluctuations in activity in the resource sectors are having an impact “In the west, Prince Rupert sales have increased slightly with the sales-dollar volume relatively the same as last year. LNG Canada’s decision to focus their project in Kitimat does not appear to have affected the Prince Rupert market. Kitimat continues to fall slightly on most measures, including the number of sales, listings and average sale price; however, caution must be exercised given the small market and limited data. Sales in Terrace have dropped slightly this year compared to last year. The Smithers market is affected by one mine closing and job loss, but there have been two mines that have opened in the area. There has been a slight increase in sales in the Smithers area compared to last year.”
He says Fort St. John has seen an increase in sales activity as well “The increase is likely due to continued work on the Site “C” Dam, as well as recent hiring for drilling projects in the area. Fort Nelson has seen slightly more listings and sales than the year prior, though overall the market is slow.”
Evans notes Quesnel sales have increased slightly, although inventory is very low “The Quesnel market is usually seasonal, and activity is expected to pick up in the summer. In Williams Lake, both the sales activity and average sale price of a single-family home have increased slightly. 100 Mile House continues to be one of the Board’s busiest markets, with the largest increase in sales activity.”
Here’s how average selling prices were shaping up in the region: