PG rental market finding balance

“The June rental report reflected what we’ve been seeing for a couple of years consecutively now, which is declining rents in communities across B.C.,” Boyle said. “That is the result of many factors, including the serious action that our government has taken on building more homes.”

Boyle acknowledged that the progress remains incomplete. “Rent is still too high for many, many people,” she said. “That’s why we know we have a lot more work still to do.”

In Prince George, local realtor Bob Quilin from RE/MAX Core Realty says the once-frantic rental market has slowed significantly in recent years. “I’m seeing a lot less call for desperate renters who want to find a property, and they’re having difficulty finding them,” Quilin said.

He pointed to new construction across the city as a reason for this balance, especially along the Hart Highway corridor and in College Heights near Walmart and Canadian Tire, where several multi-family residential buildings are being built.

“We’re a very diverse community here in Prince George,” Quilin said. “We’ve got anything from one-bedroom basement suites up to three-bedroom luxury apartments and side-by-side duplexes.”

Quilin says the market is settling down after years of ups and downs caused by the pandemic, higher interest rates, and rising property values. He says buyers and sellers now have more realistic expectations.

The provincial government says that since 2017, more than 99,000 homes have been built or are in progress in B.C. Boyle says the aim is to keep building until people in British Columbia can afford to rent, buy, and stay in their communities.

by Dave Branco

PG rental market finding balance

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