Prince George's real estate market bucked a trend seen elsewhere in northern B.C. and continued to grow over 2015 in terms of both price and number of sales, despite the ongoing decline in commodity markets.
Single family homes in the city sold for $284,611 on average, according to year-end numbers from the B.C. Northern Real Estate Board, up $13,0131 or 4.8 per cent from 2014. Over that time, 976 such homes were sold, an increase of 26 sales or 2.7 per cent over 2014.
That added up to a market of $278 million, an increase of $19.8 million or 7.7 per cent.
The pattern was at odds with what was seen in some communities elsewhere in the region.
Although the average price in Fort St. John reached $425,083, up $6,437 or 1.5 per cent, 156 fewer sales were made, representing a 37-per-cent decline to 266 in 2015. Overall, the market in that city dropped 36 per cent, to $113 million in 2015 from $177 million in 2014.
Likewise, Kitimat was hit hard. The average price dropped $19,422 or 6.1 per cent, to $298,624, while there were just four more sales than there were in 2014.
In general, communities more exposed to commodity markets saw a higher-than-average drop in sales and, in some cases, a drop in prices, according to the BCNREB.
"Prince George is a little more diversified than the rest of our board area," BCNREB past president Ken Laursen said. "The rest of our board area, when you take a look and think about it, is very commodity dependent.
"Here in Prince George, being the biggest centre of the board, we have health care, we have the university, we're still a break and bulk area, so we're still seeing slow and steady growth."
Laursen expects the trend to continue this year for Prince George.
"B.C. is still going to lead the country in growth. A lot of that is going to be down in the Lower Mainland, the bigger centre," Laursen said. "But I take that and say 'you know what, that's Prince George. It's kind of like the Lower Mainland of northern B.C.'
"So we'll see slow steady growth, maybe not as much as previous years, but still anticipate things moving ahead."
Looking at properties of all types, 1,442 properties worth $377 million were sold in 2015, compared with 1449 properties worth $355.5 million in 2014.
At year end, there were 481 properties of all types available through the Multiple Listing Service (MLS) compared to 556 properties at the end of 2014.
West of Central Street, half of the 303 single family homes sold in 2015 sold for less than $250,000. As well, 24 apartment units and 47 townhomes changed hands in 2015.
As of Dec. 31, there were 30 single family homes listed through the MLS in this area of the city, compared to 40 at the same time last year.
East of Central Street, 16 apartment units, 16 half duplexes, and 15 townhouses sold in 2015. The 185 single family homes sold had a median value of $205,000.
There were 27 single family homes available for sale at the year's end, compared with 38 at the end of 2014.
North of the Nechako River, 40 homes on acreage, 23 manufactured homes in parks and a further 55 manufactured homes on land sold in 2015. Of the 199 single family homes sold, half sold for less than $289,900.
As of Dec. 31 there were 31 single family homes up for sale compared with 33 at the end of 2014.
In the southwest, nine half duplexes, 21 townhomes, nine homes on acreage, seven manufactured homes in parks and a further two manufactured homes on land sold in 2015. Half of the 272 single family homes sold in 2015 sold for less than $352,300.
At year end, there were 57 single family homes available for sale compared with 43 at the end of 2014.
