Real Estate Activity and Prices Picking Up In Prince George
Prince George, B.C. – The BC Northern Real Estate Board says the market in Prince George is seeing increased activity in both sales and the average sale price.
In the second quarter report, BCNREB President John Evans says there is still one price range of home in the city which has limited inventory “Inventory remains limited in the $200,000 to $375,000 price range, which is favoured by new home buyers. Anecdotally, there has been an increase of both local and lower mainland buyers interested in investment properties capable of producing steady income, such as duplexes. As rental rates rise, interest is piqued from out-of-area investors, adding an increase in demand for these types of properties.”
The report, which includes all sales from January 1st to the end of June throughout the Board’s entire region, says there were 817 properties worth $234.9 million dollars sold. That compares to 754 properties with a combined value of $211 that sold in the same 6 months of last year. So the average price during the six months of 2017 was $287.5 thousand, up from the $279.8 thousand dollar average price recorded during the same period in 2016.
Evans says the number of sales in June, made it the fourth highest June on record, and the best June for sales in the last decade. But, Evans adds, the news across the entire Board region was not all positive with communities dependent on oil, gas or possible LNG projects, showing slow sales numbers compared to the past.
Here are some of the highlights:
Mackenzie: The number of sales is down, and the average selling price has dropped to $167.8 from the average price of $187.3 recorded during the first 6 months of 2016.
Quesnel: Sales are up, average selling price has slipped to $193,973, down from just over $212 thousand during the same period a year ago.
Vanderhoof: Sales are up as are prices, the average selling price was $193,877, up from $183,300 recorded in the same period a year ago.
Fort St John: sales activity up, and number of active listings is down.
Prince Rupert sales and sales-dollar volume have increased slightly. The continued growth of the Port of Prince Rupert coupled with the AltaGas propane terminal construction have been a contributing factor.
Terrace: Sales and number of listings have dropped only slightly this year compared to last year showing a steady and stable market;
Smithers, both sales and number of listings have risen. The Smithers market has benefited from the Red Chris and Brucejack mines, which have been providing employment in the area, mitigating the loss of the Huckleberry mine.
Williams Lake showed increases in sales activity and average sale price of a single-family home.
100 Mile House continues to be one of the Board’s busiest markets, with an increase in sales activity of 12% year-over-year and an increase in the average price of units sold.
Average Selling Price (Year to Date)
Residential Detached House
|Community||June 30, 2015||Units||June 30, 2016||Units||June 30, 2017||Units|
|100 Mile House||227,997||49||252,137||76||288,455||87|
|Fort St. James||161,318||11||207,338||13||192,800||15|
|Fort St. John||422,277||139||405,421||82||405,044||114|