Prince George Real Estate Info - September 2007

Real Estate In the first six months of 2007, 952 real estate properties (all types) changed hands in Prince George, worth $197.2 million. This value is significantly higher compared to the first 6 months of 2006 when 962 properties worth $153 million were sold. The average resale price for a single detached residential home continues to increase, with the year-to-date average price being 28.61% higher in the first half of 2007 than in the same period in 2006 ($241,563 compared to $187,830). New home prices also continue to climb; the average cost of a new home was $337,963 in July 2007, a 1.3% increase over average price for the previous month. Real estate is expected to continue to appreciate as the economy continues to strengthen.

Housing starts The first seven months of 2007 saw 197 starts and 115 completions, with 51 starts and 10 completions in July. In July 2007 there were 310 housing units under construction in the city, an increase of 40.9% over July 2006.

Building permits Building permits issued for the month of July totaled $18,261,684. Year-to-date permit values are up 41.3% over the same period in 2006. Commercial and Residential permits accounted for most of the total value of building permits in July (50% and 48%, respectively). Residential permits accounted for 88.6% of the total number of building permits issued (70 of 79), which is reflective of the continuing intensity of construction activities around the city.

Information provided by Initiatiaves Prince George September 2007 Economic Activity Report

For more information about economic activity in Prince George, contact Initiatives Prince George 250-564-0282 http://www.initiativespg.com/