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2018 has arrived with a fresh round of snow, and new mortgage rules to navigate for those of us interested in Prince George real estate. Snow aside, the new BC mortgage rules went into effect starting January 1st, 2018 and time will tell what type of impact they will have here on our local real estate market.

The biggest change is how homeowners, even those who have down payments of 20% or higher and do not require mortgage insurance – will need to qualify for mortgages that are two percentage points higher than the rates at which they are applying.

New mortgage rules aside, we are still looking for inventory as Prince George continues to boom. We saw an increase of 25% for permanent residents locating to Prince George in 2017. In comparison, other northern BC towns saw a sharp decrease or remained flat with respect to population, so that’s great news if you’re already in the Prince George real estate market and you’re considering a move in 2018.

Houses for sale in Prince George BC,Houses for sale Prince George BC,Homes for sale Prince George BC,Prince George BC Real Estate,Homes for sale in Prince George BC2017 was...

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  •  Impact of new stress test expected to be contained to first half of 2018 for most major markets
  • Still risk of high price appreciation in Greater Toronto Area and Greater Vancouver as chance of market correction fades
  • Compounding policies could have unintended consequences for struggling housing markets

Full read: https://www.royallepage.ca/realestate/news/new-osfi-stress-test-set-to-limit-national-home-price-appreciation-in-2018/#.WjF1aEqnGUl

Royal LePage Market Survey Forecast 

Region 2017 Aggregate Home Price(Estimate) 2018Aggregate Home Price


(Forecast)

Year-over-Year(%)
Canadian House Price Composite(53 Cities) $631,000 $661,919 4.9%
Greater Toronto Area $844,000 $901,392 6.8%
Greater Montreal Area $387,000 $408,285 5.5%
Greater Vancouver $1,287,000 $1,353,924 5.2%
Ottawa $444,000 $458,208 3.2%
Calgary $483,000 $494,109 2.3%
Edmonton $388,000 $382,180 -1.5%
Winnipeg $303,000 $315,120 4.0%
Halifax $319,000 $326,975 2.5%
Regina $327,000 $329,289 0.7%
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Council will be looking at a new condominium project for the downtown.
The proposal would see 151 condo units built in four phases at the location of the former Ed DeLorme's shop between City Hall and Queensway.
The plan also includes a City parking facility underground that will provide 290 stalls, 133 of which would be reserved for owners of the condominiums.

Click here for rest of the info http://ckpgtoday.ca/article/510323/condominiums-proposed-downtown

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Courtesy of MyPrinceGeorgeNow.com

Prince George ranked very well during the 2016 Census housing numbers according to Stats Canada.

One of the biggest surprises was a number of millennials who own homes says analyst Jeff Randle.

“The homeownership rate among 15 to 24-year-olds in Prince George is about 23.6%, this is above the national average which is just under 20%.”

In BC, homeownership rates fell to 68% in 2016, that is down almost two points from the 2006 rate of 69.7%.

However, the northern capital leapfrogged both the provincial and national rates.

“About 7 in 10 people own their household, which is above the national and provincial rate. For Canada, it was just over 68 and for BC it’s right at 68% and the local rate is down about 1% over the last 10 years,” added Randle.

When we look at a number of people living in condos, the rate in Canada was a modest 13.3% in 2016.

However, that housing option is becoming quite popular in...

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The Office of the Superintendent of Financial Institutions (OSFI) announced new restrictions on uninsured mortgages today. Effective January 1, 2018, all home-buyers with a down-payment of more than 20 per cent will have to qualify at the higher of the posted 5-year qualifying rate and their contractual rate plus 200 basis points (2 per cent).  This is in addition to policy announced in October of 2016 that required all insured borrowers qualify at the posted 5-year qualifying rate. 

In addition to the new stress test for uninsured mortgages, OSFI is also requiring lenders to establish and adhere to appropriate loan-to-value limits reflective of risk and the current economic environment and is prohibiting s lending arrangements designed to circumvent loan-to-value limits such as combing mortgages with other lending products. 

These new residential mortgage underwriting requirements will apply to all Federally regulated financial institutions.

The impact of the new stress...

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A home is an important part of the enviable quality of life many British Columbians seek. REALTORS® hear this every day from their clients all around the province.

On this website, the British Columbia Real Estate Association (BCREA) offers several suggestions to match housing supply with demand and to improve the ability of residents to buy and rent appropriate homes. These recommendations are grouped under five pillars that support market housing affordability.

More info press on this link http://www.bchousingaffordability.ca

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BCNREB report says The burden of owning a single-family house in Prince George continues to remain well below the level seen in Vancouver and area, according to an annual report released this week by the B.C. Northern Real Estate Board.

The proportion of median household income required to cover mortgage costs, municipal taxes and fees, and utilities for the average single-family home stood at 27.2 per cent in Prince George

- See more at: http://www.princegeorgecitizen.com/news/local-news/prince-george-homes-still-a-good-deal-bcnreb-report-says-1.11204449

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2016 was a year of economic growth for Prince George. There were increases in everything from the number of building permits and the value of private sector investment, to the number of downtown businesses that improved their facades. And the best news? Continued growth is expected in 2017!.... Click link below to the video.

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