When people start house hunting in Prince George, the first number they look at is the price tag.
But here’s the truth: the purchase price is only the beginning of the real cost of owning a home.
As a Prince George REALTOR® and senior relocation specialist, I spend a lot of time helping buyers understand what home ownership actually looks like month to month, year to year. Because buying a home in Prince George isn’t just about qualifying for a mortgage — it’s about being financially prepared for the full picture.
Let’s break it down.
Purchase Price vs. True Cost of Home Ownership in Prince George
The listing price is what gets the attention. It’s what shows up on MLS searches. It’s what people compare when they’re deciding between Hart Highlands, College Heights, the Heritage area, or acreage properties just outside the city.
But the purchase price does not include:
• Property transfer tax
• Legal fees and closing costs
• Home inspection
• Appraisal fees
• Mortgage insurance (if applicable)
For many buyers in Prince George, these closing costs can add thousands of dollars to the initial purchase.
And that’s just the beginning.
Monthly Costs of Owning a Home in Prince George
Once you have the keys in your hand, the ongoing expenses begin. These include:
Mortgage Payment
This is the obvious one. Your principal and interest payment will depend on your purchase price, down payment, and interest rate. With current real estate trends in Prince George, understanding your long-term payment structure matters more than ever.
Property Taxes
Property taxes in Prince George vary depending on location, assessed value, and municipal rates. They are a predictable annual cost — but one that needs to be budgeted properly.
Home Insurance
Northern BC weather is no joke. Snow loads, freezing temperatures, and seasonal storms make proper home insurance essential.
Utilities
Heating costs in Prince George can be significant in winter. Whether your home uses natural gas, electric baseboard, or a high-efficiency furnace makes a real difference in your monthly expenses.
Maintenance and Repairs
This is the one buyers often underestimate.
Roofs age. Hot water tanks fail. Furnaces eventually need replacing. Even newer homes require regular maintenance — deck staining, snow removal equipment, lawn care, gutter cleaning.
A good rule of thumb is to set aside 1–3% of your home’s value each year for maintenance.
Unexpected Costs of Home Ownership
Life happens.
Appliances break. Driveways crack. You discover a slow plumbing leak. Or maybe you decide you want to upgrade flooring or renovate a kitchen.
Owning a home in Prince George gives you stability and control — but it also comes with responsibility. Planning ahead financially gives you peace of mind.
Why This Matters in the Prince George Real Estate Market
The Prince George real estate market continues to show steady growth. Buyers are entering the market with confidence. But confidence should always be backed by preparation.
If you’re buying your first home, downsizing, relocating as a senior, or moving into a multi-generational home, understanding the full cost of ownership helps you make a smart, sustainable decision.
I always tell clients: don’t just ask, “Can I afford this house?”
Ask, “Can I comfortably afford this home and everything that comes with it?”
That’s how you protect your investment.
The Value of Local Knowledge
Every market is different. Owning a home in Prince George comes with different costs than owning in Vancouver or Kelowna. Heating needs, lot sizes, snow management, and even insurance considerations vary.
Working with a local REALTOR® who understands Northern BC conditions makes a difference.
Home ownership builds equity. It creates stability. It gives you a place that’s truly yours.
But going in with clear eyes and a solid plan is what makes it successful.
If you’re thinking about buying in Prince George and want to understand the real numbers — not just the listing price — I’m here to help.
Jason Luke
Senior Relocation Specialist
RE/MAX
jasonlukehomes@gmail.com
250-301-9960
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