Northern BC housing sector riding hot momentum into 2019: BCREA
The year has flipped to 2019 and the housing market in Northern BC continues to outperform the rest of the province.
It’s a seller’s market in the region as just over 200 residential units were sold in January, down from the 230 mark from the same time last year.
BC Real Estate Association Economist, Brendon Ogmundson recently spoke with My PG Now.
“Prices are down across the province but actually up about nine percent in the north including Prince George so it’s kind of a contrast in stories for the market so far in 2019.”
He adds the supply is outweighing the demand right now in the north, something we haven’t seen in quite a few years.
“Now that demand is coming on an upswing it’s coming up against a very limited amount of supply in what we would call a seller’s market in much of north and you have some areas that are closer to the potential LNG area where prices are going to rise a lot faster.”
“Overall, affordability in the north is on the upswing and the economy is a lot better compared to other places.”
The BCREA predicts Northern BC will see a 10% housing price increase during 2019.
Over 3,500 residential unit sales were recorded province-wide to begin the new year, a decline of 33 percent from the same month in 2018.
Active listings in the region dipped 8% to begin the year at 1,500 compared to 1,623 in 2018.
The average single-family home price in Prince George is around $350,000.