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.
2017 was by all accounts a very successful sales year and this was backed up by recent statistics released by the BCNREB(B.C. Northern Real Estate Board). According to the BCNREB’s year end report, real estate sales were up 12.7 percent over 2016 and prices jumped 7.4 percent. If you were one of the many who listed and sold homes in Prince George over the course of 2017 then you were part of one of lragest saes year in recent history.
The report went on to describe that the neighbourhoods of College Heights and West of Central street were responsible for the uptick in both sales and median prices. The latter neighbourhood saw the median house price rise by $13,000 to $283,000 and sales increased by 3. College Heights shows no signs of stopping on both price and volume. The average price rose by $38,000 to $390,000 and sales increased by 22 bringing the total homes sold to 277.
Overall, we are in a good position to help this uptick in Prince George real estate sales and prices continue for 2018 and we are expecting another banner year.
If you’re considering a move in 2018, then I encourage you to find out what your home is worth and then let’s sit down and come up with a game plan to get your Prince George property listed for sale!