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P.G. home prices continued to rise in 2019, report says

The average price of a single-family home in Prince George rose by 5.9 per cent in 2019, according to statistics released by the BC Northern Real Estate Board.
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The average price of a single-family home in Prince George rose by 5.9 per cent in 2019, according to statistics released by the BC Northern Real Estate Board.

A total of 922 single-family homes were sold in the city in 2019, with an average price of $371,443.

By comparison, the average single-family home sold for $350,713 in 2018 and $319,167 in 2017. The total number of single-family homes sold in 2018 was 917, and 1,020 houses sold in 2017.

House values varied significantly by area, with the median price for a single-family home in College Heights coming in $429,900. In the Hart the median house price was $377,500, the bowl west of the by-pass had a median house price of $335,000 and east of the by-pass the median price was $280,000.

In total, 1,417 properties of all types worth $491.7 million were sold in the city in 2019, up from 1,400 properties of all types worth $444.9 million in 2018.

Across northern B.C. the total of property sales stayed flat at approximately $1.5 billion, however the total number of properties sold declined.

"A struggling B.C. forestry sector and an uncertain environment for global trade held back housing demand in the second half of 2019, ultimately leading to MLS unit sales in the region covered by BC Northern Real Estate Board to fall by 6.1 per cent compared to last year," a press release by the real estate board said. "However, due to a low supply of homes for sale, most northern markets saw upward pressure on home prices. Across the B.C. northern board area, the MLS average price rose 5.1 per cent, averaging $310,548."