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City economic report for November

The BC Northern Real Estate Board (BCNREB) reported the average house sale price (single detached) for November 2018 was $337,878 with 56 units sold in Prince George. For November 2017, the average house sale price was $350,297 with 66 units sold. The average house sale price has decreased 3.5 per cent when compared to the same month last year. 

Housing Construction

The Canadian Mortgage and Housing Corporation (CMHC ) reported 36 (14 SFD, 22 multiples) total housing starts in Prince George during November 2018 compared to 9 (9 SFD, 0 multiple) in November 2017. This is an increase of 300% over the same month last year. There were 15 (9 SFD, 6 multiples) completions in November 2018 while November 2017 had 82 (66 SFD, 16 multiples) completions for both single family and multiple family dwellings. 

Year-to-date total housing starts in Prince George were up to 360 in November 2018, compared to 210 total housing starts through November 2017, an increase of 71%. Year-to-date total housing completions in Prince George reinforce this economic activity; in 2017 Prince George recorded 149 total housing completions during this time period while 2018 year-to-date total housing completions totalled 294, an increase of 97%. Both statistics reflect strong performance this year for the construction industry in Prince George. 

Across BC, housing starts decreased by 16.6% from 3,781 (1,021 SFD, 2,760 multiples) in November 2017 to 3,152 (818 SFD, 2,334 multiples) in November 2018. The total number of completions in BC decreased by 15.6% from 3,553 (1,240 SFD, 2,313 multiples) in November 2017 to 2,996 (963 SFD, 2,033 multiples) in November 2018.

Building Permits 

The City of Prince George issued 58 building permits valued at $9,319,401 in November 2018, which included $6,201,823 in single family permits, $1,635,828 in multiple family permits, and $3,917,100 in commercial permits. 

This is a 25% increase in total dollar value of permits over November 2017 when 33 permits were issued at a value of $7,451,241. 

Year-to-date building permit statistics continue to track the strong building activity in Prince George for 2018. In November 2018, a year-to-date total value of $182,029,079 in building permits were issued compared to November 2017 when year-to-date building permits came in at $115,737,322. This represents a very positive economic indicator for Prince George in 2018 with additional economic spin-offs, both direct and indirect, across a broad array of sectors including goods and services.                  

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