According to the BC Real Estate Association (BCREA), home sales in the province saw a gradual increase in September compared to the same time last year.
“They are up about 10% compared to a year ago and when we look in September compared to August on a seasonally adjusted basis home sales rose about 5% so it’s certainly a definite uptick in overall consumer demand,” says Cameron Muir, BCREA Chief Economist. “We’re expected to see our fourth year of 3% or more in GDP growth, were a looking at about 3.5% for this year, job growth has been exceptional as well and of course population growth is being bolstered by, migrants from other provinces.”
Northern BC enjoyed similar results to the provincial, capping off a strong 12-month stretch. “Overall sales activity was up 8% last month compared to the previous year and overall across the north, the year-to-date numbers home sales are up almost 6%,” added Muir.
Prince George still remains ahead of the curve economically when compared to the more resource-based communities in the region.
“If we look at places like the Dawson Creek area, overall sales did spike up last month but were looking very small levels of unit sales so they can fluctuate quite wildly from month to month. In Prince George, the overall economy remains quite strong.”
The average home price in the province is under $694,000.
In Northern BC, the typical price for a home is $279,000.
Prince George’s average home price is hovering at $300,000