House prices are up in Prince George, while demand is staying constant according to the latest numbers released this week by the Northern BC Real Estate Board.
The average price of a home in Prince George as of June 30 this year is $300,903. That’s price is up compared to the same time in 2015 at $282, 254 and in 2014 at $275,353. However, the number of homes sold is staying constant. In total, 484 units have been sold so far in 2016, while 486 units were sold at this same time last year.
The Real Estate Board says homes in the 200 to 400 thousand dollar bracket are mostly resold because they’re not subject to any of the extra infrastructure costs of newer homes. Director, Bob Quinlan, says that’s due to an influx of baby-boomers moving in to town. “People who are empty nesters may be living in a large house out in the rural areas and they may want to downsize, come in to town, and get an easier house to look after,” Quinlan said. “We’re also seeing a large amount of multi-family dwellings like condominiums and stratified and that’s an attraction to people who are starters or down-sizers.”
The latest numbers on the following single family homes and their median prices:
West – 143 homes sold ($269,007)
East – 95 homes sold ($225,200)
North – 110 homes sold ($310,000)
Southwest – 125 homes sold (352,000)