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By Caden Fanshaw

REAL ESTATE

COVID-19 continues to keep PG housing market red hot

Mar 3, 2021 | 5:51 PM

PRINCE GEORGE – The trends that began shortly after COVID-19 did are still sticking around nearly a year later.

According to Powerhouse Realty, low inventory has been one of the trends putting a big effect on prices while more first-time homebuyers than ever try to get into the market.

“We are still seeing the buyer backlog from COVID,” says Lisa O’Neill, Realtor with Powerhouse Realty. “It’s frustrating for buyers, but it’s great for sellers.”

O’Neill says there has even been interest in places like Hixon and Willow River, as the trend of those moving away from big cities to rural areas continues.

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Another effect in real estate is the competing offer situations, O’Neill says are becoming the norm more often than not.

Data from the Northern BC Real Estate Board shows that prices continue to increase in the city as the number of active listings takes a nosedive.

“The inventory just can’t keep up,” says O’Neil.

A trend inspired by low-interest rates and pandemic money that was never spent is still moving full steam ahead here in Prince George too, many first-time homebuyers are taking to the market to buy, but there is a catch.

“We are seeing more people than ever get declined,” says Mortgage Expert, Christine Buemann.

A trend of first-time homebuyers she says is expected to continue, as restrictions continue to affect inventory.

Buemann expects there to be market to remain volatile for a while yet, as COVID continues there may not be change until things change on the pandemic front too.