PG in the same boat as rest of Canada on declining home prices, sales

Home prices across Canada posted the biggest decline in over a year as high borrowing costs are squeezing more buyers out of the market.

According to data released by the Canadian Real Estate Association, the price of a home nationwide dipped by 1.1% in November – it’s steepest decline since September of 2022.

The average home price in Canada is $735,000, around where it was in May.

In addition, home sales dropped by nearly a point in November compared to the previous month.

In Prince George, the pre-Christmas rush has come to a screeching halt.

According to the BC Northern Real Estate Board, 44 single-detached homes came off the market in November for an average price of $458,690 – substantially lower than October where 54 sales were made worth an average of $495,000.

Year-to-date, 665 single-family homes have been sold in Prince George for just over a half million dollars. During the same period in 2022, nearly 800 transactions were completed with an average price of $524,492.