Realtor® Barbara Robin has been working in real estate for 33 years. She loves her job, and she loves helping people find their future homes. With all her experience, she’s also learned a thing or two about market trends.
There has been a lot of talk recently about a Canadian housing bubble that’s about to burst. Barbara says a small minority of buyers in Prince George are choosing to wait, believing house prices here are also overinflated and about to drop.
Big City Bubbles
There’s been so much talk about a housing market crash, a recent Financial Post article commented that, “Booming real estate markets are producing another kind of bubble: An expansion of authors writing about a looming crash.”
No one can predict the future, but what we do know is that trends vary from location to location. Those predicting a crash are looking at Canada’s big cities, where house prices have reached staggering levels. It now costs a million dollars to buy an average detached house in Vancouver or Toronto.
Prince George Trends
Barbara says the trends in Prince George just aren’t the same. The average house price here has been steadily increasing, but it is still only around $270,000. House prices here are expected to continue to increase.
“Sitting on the fence is a risky strategy,” Barbara says. “You end up missing out on great opportunities, and potentially paying more for a home in a few months’ time.”
It’s a Good Time to Buy
There is another reason why now is a good time to buy. “Interest rates have been so good for so long,” Barbara says. They are unlikely to get much better than they are right now.
Ultimately, the right time to buy is all about your comfort level as a buyer, but in some markets sitting on the fence is a riskier option than moving forward.
“The house you looked at today and wanted to think about until tomorrow may be the house someone looked at yesterday and will buy today.” – Koki Adasi
Talk to Barbara Robin or any of our residential real estate experts at Team Powerhouse Realty if you’re ready to buy a home in Prince George, BC or surrounding areas.