House Price in P.G. Expected to Drop 7 percent in '09
House Price in P.G. Expected to Drop 7 percent in '09
By 250 News
Thursday, October 30, 2008 03:59 AM
Prince George, B.C.- The BC Real Estate Association is predicting a slide of MLS home sales of 22% for Prince George, and 28% this year throughout the province. The average price for a home in Prince George is expected to be 7% lower in 2009.
The BCREA says reduced consumer confidence is one of the reasons, brought on by the sharp increase in fuel prices and the situation has been compounded by the global economic crisis.
The Association predicts slower growth in B.C., slipping from 3.1% in 2007 to 1.4% this year but there may be some gains in the last half of 2009, enough to boost growth to 1.6%
The BCREA says the forest sector will continue to be weak until the US housing market improves. The value of solid wood product exports was down 30 per cent year-to-date through August. A recovery is not expected until late 2009 at the earliest.
Provincial Housing Sales Down In September
Thursday, October 16, 2008 03:58 AM
Prince George, B.C.- The BC Real Estate Association’s Chief Economist says the overall real estate picture in B.C. shows lots of homes available and they are more affordable.
Cameron Muir’s report says sales across B.C. were down 34 % last month compared to September of 2007. “Despite relatively strong fundamentals, consumer confidence is low” says Muir.
The B.C. Northern Real Estate Board’s Vice President says now is the time to buy, Gary Shannon says this is a buyer’s market “Sellers are showing great flexibility, this is the time to be buying because the pricing is to your advantage. You don’t get those advantages when the market turns around.”
Shannon says when it comes to listings, real estate agents aren’t seeing the same volumes of new listings, however they are still seeing more listings than sales. “Sales are climbing, and although there are still some who are sceptical about the economy, they have got to see this is the time to buy.”
Economist Muir agrees “Affordability is improving with the carrying cost of the average home in the province now lower than at any time since the end of 2006.”
Year to date MLS residential sales dollar volume in the province declined 24% compared to the same period last year. Provincial MLS sales declined 28% during the same period.
