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House prices remain on upswing in Prince George

Average price rises to nearly $530,000, BCNREB report shows

It's still a seller's market in Prince George as a typical single-family home is selling for nearly $530,000.

As of the end of June, the average price was $529,729, according to the latest report from the B.C. Northern Real Estate Board. 

The figure represents a $73,887 jump over the total reached by the same point last year. It is also a quarter-over-quarter rise of $9,750.

Countering the trend somewhat, sales are down. So far this year, 480 single-family homes have exchanged hands in the city, a decline of 86 sales from the same point last year.

However, 291 of those sales occurred during the most-recent quarter compared to 189 during the first quarter of 2022.

A similar pattern was seen in 2021 when 339 homes were sold during the second quarter of that year, up from 227 during the first quarter.

Market activity - as measured by sales multiplied by average price - has worked out to $254.3 million, down $3.7 million from the mark reached by midway through 2021.

"Although sales in the north have been falling in recent months, total sales in the first half of 2022 are still about 23 per cent above the pre-pandemic long-run average," BCNREB said in the report.

"While supply is rising, the sales-to-active-listings ratio is only beginning to approach a more balanced level in the latest monthly data.

"We expect that in the second half of the year tightening by the Bank of Canada and heightened mortgage rates will continue to temper demand, softening prices and sales."

Looking at properties of all types, 800 properties worth $366.2 million have changed hands so far this year, compared with 862 properties worth $353.5 million in the first six months of last year.

In the western part of the city, the median price of the 140 single-family homes that have sold through the Multiple Listing Service was $470,000.

In the area east of the bypass, the 113 single-family homes that sold had a median price of $412,500.

In the northern part of the city, 91 single-family homes sold with a median price of $540,000.

The 136 single-family homes that sold in the southwest section of the city had a median sale price of $612,250.

At the end of June there were 570 properties of all types available for purchase through the Multiple Listing Service in Prince George.