Houses in Prince George are selling like hot cakes according to the BC Northern Real Estate Board.
During the first half of 2021, 894 properties worth 370-million dollars changed hands – that’s well ahead of the same time last year where 520 homes worth 180-million were sold.
Director, Breanne Cote spoke with MyPGNow.com.
“First-time homebuyers are getting more and more anxious getting into the market as things continue to heat up and they are spreading out into the different areas for different properties they are looking at. Townhouses, condos, mobile homes – those types of properties are becoming more of a choice.”
Homes in the Hart and College Heights continue to sell for the most money.
In the northern part of the city, 125 single-family homes sold with a median price of $450,000 while the 163 single-family homes in the southwest section of PG had a median sale price of $505,000.
Northern BC posted its third-best June on record when it came to home sales.
According to the BC Real Estate Association, 552 units changed hands – that’s nearly a 27% year-over-year increase when compared to the same month in 2020.
The average home price for the region is $381,583 – however, chief economist Brendon Ogmundson noted prices are slowly stabilizing after some wacky increases.
“We are starting to get into the comparison where the housing market was strongly recovering starting about June. So, instead of being at about 20%, prices are up about 14% across the north and I think they are up around 13% in Prince George.”
“Things are starting to stabilize although, it’s still a double-digit increase in price and a lot of that still has to do with constrained supply as there is only about three months worth of housing supply in the northern market.”
Across the province, 11,070 units sales were recorded, an increase of roughly 35% over June 2020.
The average price in BC is $910,445.
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