Single-family homes in Prince George sold for $458,804 on average during 2021, a year-over-year jump of $50,861, according to B.C. Northern Real Estate Board numbers issued Tuesday.
The increase failed to dampen activity as 1,101 of the homes exchanged hands during the year, compared to 858 in 2020.
The market in Prince George was in line with a trend that entirely covered northern B.C. as all communities saw significant increases in sale prices while only Kitimat saw a decline in the number of sales and only slightly.
"Housing markets across the north ended the year with sales trending about 25 per cent above long-term average levels, pointing to a fast start to 2022," BCNREB said in an accompanying statement.
"Unfortunately, the region will also start the year with extremely low supply, which means continued upward pressure on home prices.
"We expect markets will remain tight through the first half of 2022 before rising mortgage rates and expected tightening by the Bank of Canada starts to temper demand."
Taking into account properties of all types, 1,718 properties worth $710.7 million sold in 2021, compared with 1,361 properties worth $500 million in 2020.
At year-end, there were 302 properties of all types available through the Multiple Listing Service compared to 306 properties at the end of 2020.
In the area west of the by-pass, half of the 355 single-family homes sold in 2021, sold for less than $411,500. As well, 32 apartment units and 67 townhouses changed hands in 2021. As of December 31, there were 18 single-family homes available through MLS in this area, compared to 14 at the same time last year.
East of the by-pass, 49 apartment units, 29 half-duplexes, and 37 townhouses sold in 2021. The 200 single-family homes sold had a median value of $348,900. At the end of December there were 12 single-family homes available for sale through MLS in this area compared with 19 at the end of 2020.
In the northern part of the city, 34 homes on acreage, 32 manufactured homes in parks and a further 63 manufactured homes on land sold in 2021. Of the 225 single-family homes sold, half sold for less than $465,500. As of December 31, there were 11 single-family homes available through MLS in this area compared with 19 at the end of 2020.
In the southwest 15 half-duplexes, 21 townhouses, 13 homes on acreage, 12 manufactured homes in parks and a further nine manufactured homes on land sold in 2021. Half of the 306 single-family homes sold in 2021 sold for less than $522,000. At year-end, there were 29 single-family homes available for sale through MLS, compared with the 20 at the end of 2020.
