Salt lakes real estate

Northern British Columbia sees 15% year-over-year drop in home sales

Home sales in the North continued to decline in September.

According to the BC Real Estate Association, 484 homes changed hands in our area last month, down 15% from the same period last year.

Chief Economist Brendon Ogmundson said Radio Vista record supply across the province is pushing up prices in some of the more rural areas of the north.

“It’s no surprise that prices continue to rise, especially in locations outside of Prince George. We are looking at places like Quesnel, Williams Lake and Smithers, even Prince Rupert. These are places where we are seeing really big price gains. “

Active registrations are also down significantly in the north. The region posted 1,627 listings in September, down 13.6% year-over-year after 1,884 listings found in September 2020.

However, these comparisons should be taken with a grain of salt according to Ogmundson.

“Beyond the summer of this year, every time we look at year-over-year comparisons, it will seem a little distorted. Last year we had an extraordinary recovery in the second half of last year, so we basically compare ourselves to the high point of last year. “

As 2022 approaches, Ogmundson expects the north to be one of the main engines of the province’s economic recovery, which should mean great news for the housing sector.

“In the north, there is a lot of economic activity that will drive growth in the province, as that includes the pipeline and the LNG business. The North gave the economy a boost earlier this year when lumber prices were extraordinarily high.

The average price of homes in the North is over $ 397 thousand.

In PG, 91 houses changed hands in September when the average sale price was 447 thousand.

Tags : real estate
Mary Cashion

The author Mary Cashion