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.
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.
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.