The average selling price of a single-family home in Prince George has risen nearly $33,000 in the past 12 months going from $498,535 in May of 2023 to $531,000 last month.
That’s according to the BC Northern Real Estate Board after 85 of these units changed hands in May, up slightly (83 sales) when compared to the same month last year.
President, Kristine Newell told MyPGNow.com residents have adjusted to the higher rates of borrowing from the Bank of Canada.
“Everybody was scared off for a while when the interest rates came up and we have kind of gotten used to the idea that we are not going to get that free money anymore. The buyers have settled in and are back to their buying activity – certainly, the announcement yesterday (Wednesday) from the Bank of Canada reducing the interest rate is very exciting and should have an effect as we head into the summer market.”
“We think it is very positive news that the rates are trending downward. It gives people that much more purchasing power with the rates reduced and our listings are up year-to-date by about 80 listings so far this year. We want to see some of those sell and we think the interest rates will help with that.”
Year-to-date, 497 properties have been sold in Prince George this year – up from 408 when compared to May of 2023.
Over the first five months of 2024, 287 ($513,455) single-detached units have been sold, up from 248 ($492,947) 12 months earlier.
Yesterday (Wednesday), the central bank cut its trend-setting rate by a quarter of a point, to 4.75 per cent.
Financial analysts are betting on another cut in the Bank of Canada’s interest rate in July, when its board meets again.
Bank of Canada Governor Tiff Macklem stated we’ve come a long way in the fight against inflation, adding the central bank sees no further need for such a restrictive monetary policy.
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