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February 2019 Highlights
  • The Prince George unemployment rate is 0.6% lower than February 2018.
  • Employment in the Cariboo region increased by 1,300 jobs.
  • Employment in Wholesale and Retail Trade increased by 700 jobs.
  • Employment in Health Care and Social Assistance increased by 600 jobs.
  • $6.77M building permit for Building 1 of the downtown Park House development.
  • Year-to-date permits are up 16% compared to 2018.

Click Here for full details


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PRINCE GEORGE — In the next few days, owners of more than 247,500 properties throughout Northern BC can expect to receive their 2019 assessment notices, which reflect market value as of July 1, 2018.

"The majority of residential home owners within the region can expect a moderate increase compared to last year's assessment," says Deputy Assessor Jarret Krantz. "There are some exceptions to this such as Kitimat where owner’s will see increases of 20 per cent or greater. Also, the Northern Rockies Regional Municipality where there have been decreases in the range of 20 per cent or more.”

The summaries below provides estimates of average 2018 versus 2019 assessed values of properties throughout the region. The average is represented by the median, or mid point, value which removes the influence of outliers.

These examples demonstrate market trends for single-family residential properties by geographic area:


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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.

Press Here for full report.

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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...
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MY PG NOW: PG and Northern BC housing market tightens in April: BCREA.

If you’re still waiting to find your dream home in Northern BC, you might be out of luck.

Active listing across Prince George and Northern BC dropped 19% last month when compared to the same time last year.

https://www.myprincegeorgenow.com/75069/pg-and-northern-bc-housing-market-tightens-in-april-bcrea/

Shared via Google News

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https://therealbc.ca

REAL BC is a grassroots alliance of BC real estate professionals that was formed to advocate on behalf of real estate practitioners, consumers and the communities in which they live. Our members live, work and contribute to communities throughout BC. We intend to ensure that our collective voices are heard while we engage government on the significance and consequences of the public policy changes proposed in the months ahead.

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Here is link to full graph: Press Here

In February 2018, Prince George's unemployment rate was 7.0%, a decrease of 0.9% when compared to the same month in 2017 when it was 7.9%. The unemployment rate of 7.0% for Prince George was higher than the provincial rate of 4.7% and the national rate of 5.8%.

Prince George's employment rate in February 2018 was 67.7%, an increase from the same month in February 2017 when it was 64.5%, a 3.2% positive change. The employment rate of 67.7% for Prince George was higher than Canada's national rate of 61.7% and British Columbia's rate of 62.0%.

Total employment in the Cariboo Economic Development region was 79,700 during February 2018. This represents an increase of 400 jobs when compared to the previous month. The Accommodation and Food Services category saw the highest increase, adding 700 jobs. Job numbers decreased in the Truck Transportation category by 300 jobs.

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Video & text courtesy of City of Prince George:

In 2017, residents voted to build a new fire hall and pool, 151 condos were announced for downtown in 2018, Prince George was selected to host the 2022 BC Summer Games, and the international airport (YXS) saw a record number of passengers with 499,125. The City of Prince George issued 470 building permits worth $116,813,361, 91 percent of which was investment from the private sector. The building permit numbers for 2017 break down as follows: • Residential $76,437,262 • Commercial $28,780,136 • Industrial $1,227,463 • Institutional $10,368,500 • 132 new single family residences • 14 new commercial developments • 47 new multi-family units • 6 new duplexes • 53 new single family secondary suites In addition, the City saw three new industrial developments, 402 new businesses, and a population increase of 2.8% from 2011. In 2017, the Conference Board of Canada released a report stating that Prince...

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The BC Northern Real Estate Board reported home sales in Northern BC totaled 230 units in January 2018, an increase of 21.1% from January 2017. The average price of homes sold in Northern BC was $264,120 in January 2018, a slight increase of 1.1% from  January 2017. The dollar value of home sales for January 2018 totaled $60.7 million, up 22.4% from the same month in 2017. Active residential listings on the Board MLS System numbered 1,623 units at the end of January, a decline of 10.5% from the end of January 2017. This was the lowest level for active listings in the month of January in ten years....

Full report here: http://campaign.r20.constantcontact.com/render?m=1126248439379&ca=17fab65a-a5b5-4620-bb39-675bca2ac8f4

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Did you know Prince George now has the 3 longest runway in Canada plus over 2000 acres of light industrial land around it plus it now has the status of Foreign Trade Zone!

Prince George Airport's goal is to be a North American cargo gateway and distribution centre to and from Asia with up to 15,000 fuel stop landings per year and to be a passenger hub to North America and the world by 2020. In 2007 with a $11,000,000 loan from Northern Development and funding from both the Government of Canada and the Province of British Columbia, Prince George Airport's runway was expanded from 7,400 feet to 11,500 feet, making it the third longest commercial runway in Canada after airports in Vancouver and Calgary. The airport is now capable of landing, refueling, and loading/unloading the wide bodied Boeing 767 and 747 aircraft that trans-Pacific cargo and logistics carriers operate.

Full read: https://www.northerndevelopment.bc.ca/explore-our-region/success-stories/prince-george-regional-airpor...

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