Hot housing market won’t be tamed with interest rate increase

• Share on Facebook
• Share on Bluesky
• Share on X
• Copy Link

Newell said there are still many multiple offer situation.

Job Fair

Prince George Native Friendship Centre hosts semi-annual Job Fair

2h ago

Social Media Ban

Should social media be banned until you're 16? PG weighs in

3h ago

University of Northern BC

International student policy has challenges

4h ago

For a single family detached home, the average selling price was $526k an increase from $478k back in February 2021.

All types of housing including condos, apartments, and mobile homes are up on average around $30k from February 2021 for a total of $468k.

This is not only an issue facing Prince George and area but most of Canada.

Prior to the pandemic, the interest rate was set at 1.75% only cut to try and steady a pandemic market which has exploded ever since.

Mortgage expert Christine Buemann said she doesn’t expect any significant change or cooling from the jump in the interest rate this week, although future rate changes will be something to watch.

Buemann noted too many qualified buyers will drive the market more than the latest change in interest rates for the time being.

Realtors advise those thinking about getting into the market to visit a lender and get their rate locked in for the next 120 days as soon as possible.