Trend remains downward since peaking at year's midpoint as rapidly rising interest rates have taken hold.
Single-family homes in Prince George sold for $524,639 on average during 2022, a year-over-year jump of $66,079 or 14.4 per cent, according to B.C. Northern Real Estate Board numbers issued Monday.
"The abrupt shift in market conditions spurred by rapidly rising interest rates has translated into a softening of prices from peak levels achieved earlier in the year," BCNREB commented in the release. The average home sale price hit its peak just as assessed values as estimated by B.C. Assessment were being calculated for July 1. The BCNREB's year-to-date figure by that point was 16.2 per cent higher than by the same point in 2021.
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