Single-family homes in Prince George sold for $524,639 on average during 2022, a year-over-year jump of $66,079 or 14.4 per cent, according to B.C. Northern Real Estate Board numbers issued Monday.
However, a quarter-by-quarter analysis of the numbers issued over the course of the year show a steady decline since the end of June. From a peak of $536,179 during the second quarter of 2022, the prevailing sale price stood at $509,982 for the fourth quarter. Sales showed a concurrent decline, from 291 during the second quarter to 137 during the fourth.
Year-to-date figures also reflect the trend. As of June 30, the average sale price on that scale was $529,729 or $5,090 more than the average for the year as a whole.
"The abrupt shift in market conditions spurred by rapidly rising interest rates has translated into a softening of prices from peak levels achieved earlier in the year," BCNREB commented in the release.
The Bank of Canada's benchmark "overnight" interest rate sits at 4.25 per cent and follows on a series of increases since about midway through the second quarter of 2022 when it stood at 1.5 per cent. The Bank of Canada's next interest rate decision is set for Jan. 25.
"With mortgage rates expected to remain elevated, and a likely slowdown in the economy on the horizon, housing market activity across the north will remain slow in 2023." BCNREB said of the northern B.C. region as a whole.
The average home sale price hit its peak just as assessed values as estimated by B.C. Assessment were being calculated for July 1. The BCNREB's year-to-date figure by that point was 16.2 per cent higher than by the same point in 2021.
In all, 820 single family homes exchanged hands through the Multiple Listing Service during 2022, down from 1,079 during 2021 when the average sale price was $458,560. Activity, as measured by the average price multiplied by sales, worked out to $430.2 million for 2022, down $64.6 million or 15 per cent from the year before.
Looking at properties of all types, 1,323 worth $605.9 million sold in 2022, compared with 1,653 properties worth $684.1 million in 2021.
At year-end, there were 551 properties available through MLS compared to 165 at the end of 2021.
West of Central Street, half of the 236 single-family homes sold for less than $460,000. As well, 26 apartment units and 50 townhouses changed hands in 2022.
At year end, there were 27 single-family homes available, compared to 15 at the same time last year.
East of Central Street, 48 apartment units, 13 half-duplexes, and 37 townhouses sold in 2022. The 177 single-family homes sold had a median value of $410,000.
At year end, there were 39 single-family homes available for sale compared with 10 at the end of 2021.
North of the Nechako River, 17 homes on acreage, 35 manufactured homes in parks and a further 40 manufactured homes on land sold in 2022. Of the 182 single-family homes sold, half sold for less than $550,000.
At year end, there were 22 single-family homes available compared with six at the end of 2021.
In the southwest 11 half-duplexes, 28 townhouses, eight homes on acreage, 19 manufactured homes in parks and a further eight manufactured homes on land sold in 2022. Half of the 225 single-family homes sold in 2022 sold for less than $607,500.
At year end, there were 38 single-family homes available for sale, compared with the 15 at the end of 2021
