There are more positive economic signs on the housing and real estate market in Prince George. According to statistics released by the Canada Mortgage and Housing Corporation, construction began on 22 new homes in the city last month. That’s up about 30% from September 2014 when 17 were built. Overall in 2015, the city has seen 128 new single family homes built. At this time last year, there were only 88 new homes built. When combining single family home starts with multiple family home (townhouse or condos) starts, the number jumps to 201, more than double the 2014 number of 95.
Meantime the Northern Real Estate Board says the value of homes are rising in the city. In a report released this week, the Board says 1,127 homes have changed hands in 2015. The average selling price is $259,000, up 6.18% from 2014. The highest priced homes are located in the southwest part of the city where the median price of a single family home is $345,000. The area east of the bypass has the lowest median selling price of $210,000.
BC Northern Real Estate Board Vice President William Lacy is pleased with the figures. “Given the slump in energy prices and overall economic lull, it is reassuring to see the overall numbers for the BC Northern Real Estate Board are holding strong,” he said. “With predicted increases in global activity, and growth predicted for BC in the coming quarters, we are looking for a solid close to the year and for increases to resume throughout next year.”