Good day everyone,
I finally have made some time to crank out an update as to what is happening in the Prince George Real Estate market. The real estate market is still well balanced with relatively low buyers and also low inventory but as I write this, every day the listing count is climbing as it does in spring time. There are a number of listings though, that are in need of renos or repairs that most buyers are not in the mood to buy. It seems over the past year or so that most buyers want to buy homes already renovated or move in ready. So the homes that do require renovation or updates sit on the market or take a hit on the pricing. I don’t think this will last for much longer but with the interest rates so low most buyers seem to say “let’s buy something done” and pay with low mortgage rates verses buying a fixer upper and have to spend their cash or a more expensive form of lending such as lines or credit plus their time to do the work. Home prices, I feel will stay level and only start to rise once we see larger forms of new employment occur.
As for economy, it looks very good for Prince George and area. I see nothing in the next 5 years but good. Prince George is even hosting the 2015 Canada Winter Games! That’s the next big thing after the Olympics. We also have two recently elected MP’s that represent the newly elected majority party in Canada which also is good for this area. Mining, Pipelines, Forestry, Hydro, Health and Education are all in growth mode around here.
So in conclusion I feel now is about the cheapest we will see the cost of buying a home or investment property. That cost is either the ‘price of the home’ or ‘cost of borrowing’ or ‘both’.