The BC Northern Real Estate Board (BCNREB) reported the average house sale price (single detached) for October 2018 was $328,678 with 83 units sold in Prince George. For October 2017, the average house sale price was $322,118 with 87 units sold. The average house sale price has increased 2.0% when compared to the same month last year.

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Downtown vacancy rates continue downward trend

The total value of building permits issued in Prince George in 2018 has already reached an all-time high of $169.26 Million, easily surpassing the previous high mark of $147.88 Million set in 2007. The value includes a record amount of private sector investment, which at $135.17 Million, represents nearly 80 percent of the total and passes the previous record of $121.6 Million set in 2016. Residential building permit values have also set a new record at $100.31 Million.

“The value of building permits is a key measure of economic progress,” says Lyn Hall, Mayor of Prince George. “This number suggests a great increase in construction activity and related employment, as well as other direct and indirect economic benefits.”

The top 10 projects for 2018 are as follows:

1. New construction of Kelly Road Secondary School: $28,322,950
2. Parkade next to City Hall: $12,927,973
3. Apartment building in College Heights (Building B): $6,700,000
4. Apartment building in College Heights (Building A): $5,855,000
5. Renovation at UHNBC: $5,200,000
6. Federated Co-Operatives Ltd. New Bulk Plant (BCR Industrial Park): $3,500,000
7. Addition to Show Lounge at Treasure Cove Casino: $3,000,000
8. New multi-family development (3rd Ave): $2,600,000
9. New multi-family development (Vanier Drive): $1,600,000
10. (Tie) Alterations to temporary community living space for AWAC in downtown Prince George (Association Advocating for Women and Children): $1,500,000
    Interior alterations and patio canopy addition to Browns Socialhouse at Pine Centre $1,500,000

427 building permits have been issued so far this year.

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