Much of the recent housing boom in Prince George has been focused in the western part of the city, but Maverick Venture Corporation developer Brett Brade sees potential out east.
Brade is hosting the grande opening this weekend of a new eight-lot subdivision just off Highway 16 east, near the airport. The subdivision features four homes already completed or under construction and four undeveloped lots.
I feel the market is strong all throughout Prince George, no just in the west,” Brade said. There is a demand for all new housing. The low interest rates and high used home prices mean more people can afford a new home.”
A typical 10-year-old house that could have sold for $130,000 several years ago now could be worth $185,000, he explained, making the cost of upgrading to a newer home less significant.
Over the last few years the housing market in Prince George was in a slump, with about eight to ten new homes being built each year, he added. The effect of the recovering economy is just starting to be felt in the housing industry.
The housing market is just starting to heat up. Another year or so and prices could rise another 10-20 per cent,” Brade said. Skilled sub-trades are in high demand because they’re in short supply. So they are upping their prices.”
Those costs are all passed on to the buyer, he added.
Despite those economic factors, Maverick Venture lives up to its name, Brade said.
When you’re a developer, you’re a risk-taker,” he added. [But] you try and minimize the risk by doing a lot of market research.”‘
Brade is gambling higher-end home buyers will be interested in what the east end has to offer.
The air quality out here is supposed to be the best in Prince George. And apparently you get an extra hour of daylight. There are no mountains to block the light,” he said. This is the only fully-services subdivision east of the city. It’s urban residential housing in the country. I’ve talked to lots of the people out here and they say it’s a little hidden, secret paradise out here.”
Brade is targeting higher-end buyers by offering 2,000+ square-foot homes with wood flooring, double garages, sturdy plywood construction, large yards, vaulted ceilings and high-end fixtures, trim and styling.
We spend the extra money to build a quality home,” Brade said.