H o u s i n g M a r k e t I n f o r m a t i o n

Prince George CMA Market Summary (Q1 2010)

Canada Mortgage and Housing Corporation

MLS® SALES ACTIVITY: Resale Volume Trends Higher

• 168 single-detached resale transactions were recorded in and MLS® Prince George,
around town in Prince George during the first quarter of 2010
This marks an increase of 11 per cent from the first quarter a
year ago.
• The volume of single-detached sales, in the Prince George
resale market, reaches over $41 Million in the first quarter
of 2010. This is an increase of $6 Million from the first quarter
of 2009.
• Average MLS resale prices for single-detached homes are
$246,088 for the quarter. This is above the average levels Source: BCNREB, Seasonal adjustment by CMHC -
recorded last year but remains below peak prices of the first
quarter 2008. Prince George Sales to Active Listings
MARKET CLASSIFICATIONS:
• Sound sales and fewer listings have ensured the housing market
remained firmly in seller’s territory during the first quarter of
this year.
• Listings have been trending upwards; this could shift the market
to more balanced conditions during the second quarter of
the year. Slower price growth is common when the market is
in balance.
• Resale price growth to remain steady during 2010, the current Source: BCNREB, Seasonal Adjustment by CMHC, End Point Mar 10

seller’s market conditions will move prices closer to peak

Household Income Required to Purchase SFD
MORTGAGE QUALIFICATION:
• The chart on the right highlights the average income required to
qualify for a mortgage on an average priced home.
• Interest rates are expected to remain favourable in 2010 whilst
resale house price increases will be moderate. Prince George
is not expected to see dampened housing demand from
affordability constraints.

Source: MLS, CMHC Calculation

MLS® is a registered trademark of the Canadian Real

Estate Association (CREA).

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ECONOMY / DEMOGRAPHICS:
Shifting Employment Situation
• More jobs have been created than lost over recent months, Percentage Unemployment Rate

despite an increase to the labour pool; unemployment has

dropped back down to 9.3 per cent (close to 10 Yr
average levels).
• Productivity and output of the Northern BC industries is
expected to increase over 2010, this will have a positive effect
on both employment and consumer spending. 10-yr Avg = 9.0%

• Migration is a strong driver of housing demand; roughly 60,000

persons migrate into the Province each year. The population of
Prince George, however, has remained flat for several years and Source: Statistics Canada (Labour Force Survey)

in-migration is currently not thought to be a significant driver of

housing demand.

Copy courtesy of:

Dean Birks - REALTOR
Royal LePage Prince George
www.DeanBirks.com

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