A new report from Royal LePage says home prices across the country are expected to rise 4.5% on a year-over-year basis due to stronger-than-expected demand and limited supply.
However, BC Northern Real Estate Board Vice-President Breanne Cote doesn’t believe we will see quite the price jump in PG.
Cote told MyPGNow.com while we saw more volatility in some of the bigger centers, Prince George didn’t experience the same fate.
“I think that is the main part of it. We didn’t quite go as crazy up as some of the markets and we didn’t go nearly as down as some of the other markets either. Toronto and Vancouver had some pretty big declines and we didn’t see that here in Prince George.”
“Prince George has kind of always been that slow and steady market even through the drastic changes we have seen the last couple of years – we have always been less drastic than the rest of the market.”
Cote added as we head into summer, activity should ramp up if more listings come on the market.
“We are hoping to see a lot more listings. We still have a really low inventory, which can lead to prices tightening up and becoming a little bit higher in some cases if we don’t get more inventory to sell for sure.”
“While I do think prices will stay steady this year, and go up a little bit, I don’t think it will be that much year-over-year compared to last year.”
In March, 67 detached homes came off the mark for an average selling price of $511,000.
That’s a stark improvement from February when 39 units changed hands and sold for just over $456,000.