Skip to main content

Real Estate in Prince George

Real estate in Prince George is very affordable when compared to average British Columbia real estate prices, as well as average Canadian real estate prices. Single family homes start at about $150,000, and 2 to 3 bedroom homes on generous lots start at about $250,000. Comparing these prices to B.C. and Canadian averages makes Prince George quite affordable. If you want a monster house and a huge lot, prices start at around $400,000, try that in Kelowna or the Lower Mainland. In 1981 Prince George was the second largest city in B.C. with about 68,000 people. Today (2006 Census) Prince George is home to about 71,000 people. The population increase over about 25 years was only about 4.5 percent. This slow population increase contributes to the lower real estate prices. Prince George is located in the Regional District of Fraser-Fort George and the city is at the confluence of the Fraser and Nechako Rivers. Heritage, College Heights, Hart Highlands and St. Lawrence Heights are prime residential areas, both commercial and residential development are growing at an accelerated rate and more subdivisions are planned for St. Lawrence Heights, West Cranbrook Hill and East Austin Road.

The origins of Prince George can be traced to the Northwest Company fur trading post of Fort George, which was established in 1807 by Simon Fraser and named in honour of King George III. In 1964 the first pulp mill was built, followed by two more in 1966. New schools and more housing were needed and the new subdivisions of Spruceland, Lakeland, Perry and Highglen were built. Then, in 1975, Prince George amalgamated and extended its borders to include the Hart area to the north, Pineview to the south and the old town of South Fort George to the east.

Wood drives the local economy. The Mountain pine beetle epidemic has resulted in a short term boom in the forest industry as companies rush to cut dead standing trees before they have no value. Other industries include: two chemical plants, an oil refinery, brewery, dairy, machine shops, aluminum boat building, log home construction, value added forestry product and specialty equipment manufacturing. Prince George is also home to The University of Northern British Columbia (UNBC), an airport (YXS), and two junior hockey teams in the Prince George Cougars and the Prince George Spruce Kings.

Comments

Popular posts from this blog

Who is Computershare and why are they registered on title?

If you are using a non-bank lender for your mortgage, you may notice that your mortgage has been registered in the name of “Computershare Trust Company of Canada”. This registration does not affect the terms and conditions of your mortgage in any way. Computershare holds no beneficial interest or rights to the mortgage loan. This is merely a third party, custodial arrangement which means that your lender has used Computershare to review the mortgage and provide custodial certification to Canada Mortgage and Housing Corp (CMHC) for their government securities program. Computershare is the largest provider globally of many of the services they offer and the largest corporate trust service provider in Canada. They have successfully provided this custodial service to many Canadian bank and non-bank lenders for many years and they play a very important role in the Government of Canada’s NHA Mortgage-Backed Securities Program. Computershare has served as the exclusive Central Payor and Tr...

When is an appraisal required?

In mortgage financing, appraisals are required to confirm the value as well as the condition of a property. Here are the most common scenarios where they could be required: Private sales Unique properties (log homes, mobile homes ext) Non-arms length transactions (ex between family members) Acreages and/or rural properties (or properties with large outbuildings or animals) Properties where there could be structural issues (ex MLS listings referring to "handyman special" ext") Refinances or renewals Conventional mortgages (or for those putting 20% or more down) Rental properties New construction  Some lenders will rebate the cost however you should budget to have the funds available. Most banks who "cover" the cost, simply charge it back to you at closing. As the mortgage lending landscape tightens, we have been seeing more requirements for appraisals so it is best to be prepared in case one is required. www.christinebuemann.ca

What is compounding interest?

Compounding interest is when interest is charged on top of itself . For example, most mortgages are compounded semi-annually. That means that every 6 months, interest is calculated at the current balance AND accrued interest to that point. Interest only mortgages are typically compounded monthly however some lenders have started compounding their standard (often variable rate) mortgages this way as well.  The more frequently interest is compounded, the more interest you will pay in the long run.   It is important to know the fine details of your mortgage so be sure to consult a Mortgage Broker for impartial advice! www.christinebuemann.ca