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House prices and sales keep rising in Prince George

Single-family homes averaging $455,842

Single-family homes sold for an average $455,842 in Prince George during the first half of the year, according to figures issued Friday by the B.C. Real Estate Board. 

The amount represents a $65,857 jump over the average sale price for the same period last year.

As well, sales rose significantly, to 566 from 322.

The area west of the bypass has seen the greatest growth as the median price stood at $414,000 on 170 sales, compared to $353,000 on 84 sales by the same point last year.

In the southwest (College Heights), the median price for the year so far has been $505,000 on 163 sales, compared to $450,000 on 99 sales.

North of the Nechako, the median price stood at $450,000 on 125 sales, compared to $385,000 on 72 sales.

East of the bypass, the median price reached $340,000 on 100 sales, compared to $286,000 on 67 sales.

Looking at properties of all types, 894 properties worth $370.1 million have changed hands in Prince George so far this year, compared with 520 properties worth $180.2 million in the first six months of last year. 

In a statement, the BCNREB credited the economic boost provided by major projects across the region for the trend both in Prince George and across the northern half of the province.

"LNG Canada’s export terminal in Kitimat and the corresponding Coastal Gaslink Pipeline, worth a combined total of $46 billion, are now employing thousands of direct workers. 

"Thousands of additional workers have returned to work at the Site C Dam near Fort St. John, at Rio Tinto’s tunnel-boring project near Kitimat, and at the Trans Mountain pipeline expansion project. 

"This employment and spending continues to boost employment growth and housing demand in the north of the province."

The pace is also expected to continue, the BCNREB said and referenced a prediction by the B.C. Real Estate Association, 

"With extremely low inventory of available homes and continued heightened demand, prices are likely to continue rising throughout the year. As a result, BCREA forecasts that home prices will rise by close to 20 per cent in 2021."