The average price of a home in Prince George is continuing to climb upward.
Right now it sits at $271k, up from $259k at the end of 2013. The BC Northern Real Estate Board is predicting we will continue to see an uptick of around 5 percent this year.
The average price of a home in the south of the Prince George is $60k higher than the city wide average, but that’s something the BCNRB attributed the construction of new homes.
“If you actually look at homes in the same price range and style you see that we get that same 5-10% increase basically right across the board.” Said Board President Ken Laursen.
1449 properties worth $355.5M were sold in Prince George in 2014. That is up from $314M on 1291 properties in 2013.
Those numbers are far more manageable than some other northern BC communities, mainly in the northwest where Kitimat has seen the average price of a home jump $200k in 2 years.
The Board says rampant speculation has taken hold ahead of a promised LNG boom, “We’ve see a lot of people just snap up properties and so the prices have sky rocketed especially in Kitimat.” Says Laursen “Talking to the realtors out there, prices are going to slide back along with the activity until we actually see something happening out there.”
The housing market in Fort Saint James is following similar trends as Prince George, the average price of a home sits at $192k, up from $174k this time last year.
Vanderhoof saw a small dip to $204k, down from $219k.
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