By Oli Herrera

HOUSING MARKET

Housing market remains hot; local experts aren’t concerned about bubble in the north

Jul 13, 2021 | 5:06 PM

PRINCE GEORGE–The housing market is hot right now in Prince George. Data from BC Northern Real Estate Board shows that so far this year, more than $370 million in properties have been sold.

Both the price of homes and the number of sales are skyrocketing following a slow year due to COVID-19.

Year-to-date data shows that the average price of a home in Prince George is $455,842. Compared to this time last year where it was $389,985. The average price in 2019 was $386,073 and the average price in 2018 was $356,478.

The number of properties sold has also jump significantly. In 2018 and 2019, the numbers were both around 450. Last year, it dropped to 322. However now, the number nearing has jumped to 566.

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These high prices combined with homes averaging less than two months on the market before being sold, has brought up concerns about a housing bubble. Local experts say that’s not a concern here in the north.

“It’s not like the housing is coming on and it’s sitting there, it’s selling. Who’s buying it? Not nearly as much speculation, mostly the people buying it are living in it. It’s not like areas of Vancouver… when you’re driving down the street, there are areas in Richmond and Burnaby, where one house in five doesn’t have its lights on cause nobody’s in it. It’s a speculation buy.” said Charles Scott, Faculty Member UNBC School of Business.

The BC Northern Real Estate Board says that many of the homes bought here aren’t mostly from investors, many of them are families. The reason for the high prices is because it’s difficult to get supplies to build new homes. So the competition stems from pre-built ones.

“The buildings have been undersupplied and we’re still seeing that….combine that with CMHC putting stricter rules in place–June 1st as we saw–with raising the stress test. Our borrowers right now, they have excellent credit so there’s very little concern for defaults.” said Kristine Newell, Board Director, Northern BC Real Estate Board

The housing bubble concerns stem from the events of 2008, but Scott says that given tight banking regulations, only some areas would see a stronger burst than others.

“We’re still in a play where the average household income in Prince George–might not be easy for an individual to buy–but on average, our household income and house prices are still in line.” said Scott.

Even with high prices, the board believes that these prices will last for only a short while longer and advises that wannabe homeowners get in now.

“At least this year, more than likely next year, we do not see any price decreases. Maybe a plateau, but as far as decreases go if you’re waiting out the market to buy something, you’re probably going to be disappointed next year.” said Newell.