Northern BC bucking provincial real estate trend
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PRINCE GEORGE – While the number of houses sold in Northern BC is down due to a lack of inventory, the value of those properties has risen in most communities. All the communities throughout the Cariboo, save Williams Lake, have seen house prices increase modestly, despite the downturn in the economy.
“It [forestry] is not as important as it was back in the 90’s, when we had the concerns around the Softwood Lumber Agreement,” says Bob Quinlan with Centre City Remax. “Now, the mills have continually downsized and shut down, so it doesn’t affect us so much.”
The Northern Real Estate Board says a lack of inventory is behind the decrease in sales, from 1020 in Prince George is 2017 to 922 this past year. But that factor is also behind the increase in prices, from $319,000 in 2017 to $371,000 last year.
And Northern BC is bucking the provincial trend, with house prices increasing by 18.8 per cent, while provincial numbers should values increase by only 8 per cent.
