The Canada Mortgage and Housing Corporation have released projections for the next two years.
Market analyst Serena Teakles says PG will keep growing at a steady rate;
“Going forward for Prince George we are expecting the housing market to plug ahead at a reasonable steady pace. We are expecting the levels of new home construction to increase modestly year over year and for the same thing to happen on the re sell market”
The price of a home in the city is expected to rise from $269,000 this year to $285,000 in 2016 (+3% a year)
Ms. Teakles explained the modest increases;
“Prince George is currently in a balance market. We are seeing about the same number of buyers as sellers. This is allowing for a steady turnover of product between those buyers and sellers. As a result we are expecting re sale activity to increase by about 3% in 2015.”
That increase will also continue in 2016 to bring the total predicted number of transactions up to 1300.
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