PRINCE GEORGE – After months of being hot, Prince George’s housing market is starting to show signs of cooling off, and returning back to normal.
“It’s definitely calmed down a bit since the spring,” said Breanne Cote, REALTOR and Director for the BC Northern Real Estate Board.
Cote says it’s still a strong market, and still a seller’s market, the environment has simply calmed down from the spring where houses flying off the market.
The average price of a single-family detached home in the city was $458,000 in August, an increase from August 2020 where the average price was just $402,000.
According to the BC Northern Real Estate Board the number of homes going to competing offer situations has also dropped off.
Homes in desirable neighborhoods are still in high demand, but the demand seen just a few months ago has seemed to have tapered off, although a large drop-off is not expected.
These trends are not unique to Prince George or even western Canada either according to UBC real estate expert Tom Davidoff.
Davidoff says the real mystery looking ahead will be the way the work-from-home model shapes the future of office space and living accommodations.
