Over the last  two years, the demand for homes continues to outpace supply, causing dramatic increases in price. For the months of January 2020, 2021 & 2022, the number of listings for buyers to choose from has decreased each year. At the beginning of 2020 we saw 295 homes, in 2021 there were 198, and we started this year off with a record low 153 homes. The lack of properties available to purchase, has buyers concerned about finding a home. On the other hand this is a great time to SELL. With so little inventory it is a seller’s market.

Historically, the housing market tends to see an increase in inventory in the spring. Will this balance out our supply and demand issue here in Prince George? Time will tell. The housing market is similar to all markets, they do not change overnight. 

The Good News is that Home Prices have gone up over the same 3 years.

Over the last  two years, the demand for homes continues to outpace supply, causing dramatic increases in price. The standard price for a single-family home in Prince George has steadily increased over the past two years. In January of 2022, the benchmark price was $510,829, in 2021 it was $419,026 and in 2020 it was $372,95. Looking at these prices, there was an increase of 12.6% in 2021 and 21.9% in 2022.

See graph.