Average price of Prince George home stays above $500,000

The average price of Prince George homes and sales are up from Q1 2023 but down from Q1 2022.

Single-family homes in Prince George sold for $504,700 on average during the first quarter of 2024, according to the BC North Real Estate Board.

The figure represents a $21,909 increase from the average $482,791 price recorded for the same period last year but is still down $15,297 from $519,997 seen during Q1 2022.

Likewise, 137 such homes were sold during Q1 2024, up from 108 for the same period last year, but below the 193 mark reached during Q1 2022.

"Overall, the housing market in the BC Northern Board area remains cool amid high borrowing costs and prices," the board said in its report, released April 5.

"However, fixed-rate mortgage costs have declined substantially in recent months as markets price-in Bank of Canada rate cuts that are expected to begin in June.

"As these expectations become certainties, mortgage rates may fall somewhat further, providing a tailwind for sales in the region and encouraging a recovery in sales in the spring."

Looking at Prince George properties of all types, 237 worth $116.8 million changed hands compared to 186 worth $81.4 million over the same period last year.

In the western part of the city, the median price of the 46 single-family homes that have sold on the Multiple Listing Service was $462,450, up from $425,000.

In the area east of the by-pass, the 29 single-family homes that sold had a median value of $430,000 up from $370,000.

In the northern part of the city, commonly referred to as the Hart, 24 single-family homes sold with a median price of $542,450, up from $465,000.

In the southwest, 38 homes sold since January with a median price of $532,500, down from $590,000.

At the end of March there were 650 properties of all types available on the MLS within the city limits, compared to 685 at the same point last year.