As every day, week go by I find the news media becoming more inaccurate with their facts and I don't see a real good reason why. For the record in Prince George the MLS stats for single family homes on the market here as of Oct.30, 2008 is 487 homes! Not the 800 to 1000 you will hear out there.
Prince George is in a great position to recover ahead of most other places in BC or in Canada for that matter. Unlike the bigger centers Prince George builders never over built and most of the previous sales and future will remain in the resale category.
The next 6 months will be a fantastic time for buyers as it is a buyers market and the investors that buy here as well can still get a positive return on their money. Where the stock market people are happy to get 1% to 5% return you can still find investment homes or duplexes that can give 10% or more.
I think once the US election is over and our Provincial election is over (in May 2009)and the BC Liberals get back in, the world gets their finances in order, Prince George should continue its exciting growth.
1- Prince George never over built.
2- Lots of commercial rezoning is done and ready to go especially around the airport.
3- Allot of exploration has occurred around PG in the last few years and I don't believe any mine or major company will invest in infrastructure until they know the BC Liberals will get back in. (I believe they will and so should you).
4- Prince George is a great place to work and still own a home without having a massive mortgage payment. (One actually has an option to have a stay at home spouse to raise the kids which is unheard of in the bigger centers).
5- Investors can still get a good return on their money.
6- It is far cheaper to buy an existing home than to build.
That's just to name a few...