By Jack Clark

House Prices

Slow house market benefits Prince George

Jun 16, 2022 | 5:30 PM

PRINCE GEORGE- It was a little less than a month ago when the Bank of Canada hiked interest rates to attempt to curb inflation.

In doing that, reports from the Canadian Real Estate Association say that they have seen a dramatic drop in the sales of homes around the country. However, in Prince George, those in the real estate sector say these low numbers are a good sign.

“Prince George is still one of the more affordable places in the province and in the country as far as big centers go. So I think that it will kind of just keep on being one of those more affordable places compared to the other bigger centers that it competes with,” says Vice-President of the BC Northern Real Estate Board Breanne Cote.

Real estate experts believe that a critical demographic in the housing market, investors, will be less active due to low inventory.

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“Over the past couple of months and years to date, like I was saying, a 17% decrease in the amount of sales that are for single family detached it’s been more like 23% for all properties,” says Cote. “That means that the investors are probably a little bit less active than they were before.”

A slower market with fewer investors will likely make it easier for people in Prince George to buy in Prince George.

“First-time buyers will be able to afford homes in our community. And they’ll again be able to make more logical, pragmatic decisions,” according to Christine Buemann of Collective Mortgage Group.

Prince George continues to grow, and both Breanne and Christine believe this change in the market will only help that trend.