Prince George Market Report

Single-family homes are up 2.6% year-over-year according to the BCNREB HPI. That’s modest growth—the market isn’t spiking, but it’s not declining either. You’re looking at a stable, slightly appreciating market.

Apartments are the outlier: up 14.1% YoY. If you’re in the rental market or considering a smaller property, that appreciation is real, and it reflects strong demand for lower-cost entry points and rental conversions.

The benchmark values from BCNREB represent a “standard” property in each category. The actual average selling price of $537,000 for single-family homes reflects the full range—from starter homes to premium properties—that actually sold in 2025.

How BC Assessment Compares

BC Assessment valued a typical single-family home at $459,000 as of 2026 (up 2% from 2025). That’s lower than BCNREB benchmarks because BC Assessment uses a broader market value approach and includes homes not currently on sale. Don’t panic if your assessment is lower than you expected—it’s a different metric with a different purpose. The BCNREB HPI is more aligned with actual market sales.

We have 1,228 active listings in Prince George as of January 2026. That sounds like a lot, but what matters is the ratio: how many months would it take to sell all inventory at the current pace? Answer: 6.7 months.

That’s down from 7.5 months a year ago, which means the market is tightening. Fewer homes on the market relative to buyer demand. Not a seller’s market yet, but trending that direction.

A market is usually considered:

• Buyer’s market: 8+ months of inventory (plenty of choice, less competition)
• Balanced: 5-7 months (neither buyer nor seller has a clear advantage)
• Seller’s market: Less than 5 months (limited inventory, multiple offers more common)

Prince George sits in the balanced range now, creeping toward sellers. If you’re selling, that’s generally good news. If you’re buying, it means less negotiating power but still a stable, functional market.

A 2.6% vacancy rate means the rental market is tight. In a healthy rental market, you’d see 3-5% vacancy—enough choice for renters, enough turnover for landlords.

Below 3% is friction. Landlords have little turnover, renters have few options, and rent pressure builds. If you’re a landlord, that’s bullish. If you’re renting, it means limited selection and potentially rising rents as demand outpaces supply.

This is one reason apartment prices are up 14.1% YoY—investors see opportunity, and owner-occupants see the value of getting into the market before rents push affordability further out.