Real estate in Prince George has seen a bit of a drop, according to the BC Northern Real Estate Board its third-quarter results released on Oct. 8, despite busy housing activity in the region and increasing average prices.
In the City of Prince George, to the end of September 1015 properties worth $376.4 million changed hands, compared with 1110 properties worth $386.1 million to September 30, 2019.
In the western part of the city the median price of the 190 homes sold this year, was $364,500. In the area east of the by-pass, the 122 single-family homes that sold had a median price of $295,000. In the northern part of the city, the 129 single-family homes sold had a median price of $412,500.
In the southwest section of the city, the median price of the 212 single-family homes sold was $465,000. At the end of September, there were 532 properties of all types available for purchase through Multiple Listing Service (MLS) in the northern capital.
The BC Northern Real Estate Board, as a whole, reports 3709 properties worth $1.2 billion sold through the first nine months of 2020.
BCNRB data released on Oct. 8. (via Hanna Petersen)At this time last year, 3741 properties worth $1.1 billion had changed hands. As of Sept. 30, there were 3240 properties of all types available for sale through the MLS, up from 4034 properties at the end of September last year.
“The third quarter of 2020 saw the second-highest sales on record in the region since data was collected in 1980. Much of the increase was driven by pent-up demand from sales that did not occur during the spring due to containment measures and record-low mortgage rates,” says BCNREB President Shawna Kinsley in a press release.
As a result, total MLS unit sales in the region covered by the BC Northern Real Estate Board grew by 32 per cent in the third quarter year-over-year.
In contrast, active listings fell by 24 per cent year-over-year, as potential sellers continued to put off listing their properties. Government support and mortgage deferral programs also helped to prevent financially vulnerable households from being forced to sell.
As a result, market conditions have tightened and the MLS average price is up by 14 per cent year-over-year to $348,999 in the third quarter.
While there is concern over the rising number of COVID-19 cases across the province, prevailing strong demand in the third quarter and record-low mortgage rates mean momentum in the market will likely continue.
The British Columbia Real Estate Association (BCREA) forecast MLS sales in the region to finish 2020 about 2 per cent higher than 2019 sales. Meanwhile, re-sales supply is expected to continue to be slow to respond. As such, BCREA forecast ML average prices to rise by seven per cent in 2020 at $333,000.
