It’s expected to be a good year for the housing market in 2017. A director on the BC Northern Real Estate Board anticipates a stable market with some healthy increases.
“We are seeing a little higher rate of sales for the homes that are on the market,” says Bob Quinlan. “So people are a little bit more informed and they are pricing houses properly.”
There are just under 400 homes for sale in Prince George, which is down a bit from the same time last year. “We are going to see a repeat where the homes between $200,000-$400,000; the used homes, are going to be snapped up at a regular pace.”
According to Quinlan, investors from the lower mainland are also recognizing the value of buying in our city. “We are actually seeing investors that are purchasing homes making offers sight on scene. They are looking at the rental incomes, they are looking at how little they need to get in, and they are seeing that there is a good return on the properties too.”
The housing market and economy are always closely linked. “It’s what’s going on with the industrial economy and in the natural resource economy. Right now things in resources are down a little bit,” says Economist, Al Idiens. “The main reason the economy is doing well right now is because there is a lot of building construction going on with some major facilities.”
That adds up to a healthy outlook for the new year, according to Quinlan. “2017 in Prince George is going to be a good year. We are not going to go crazy, but when you see other areas slow down, we are going to do okay.”