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HomeNewsNorthern BC housing demand goes up during March, supply tightens

Northern BC housing demand goes up during March, supply tightens

The value of a home in Northern BC jumped to $271,873 in March according to the BC Real Estate Association.

That’s up 4.4% from the same time last year where the previous average home price was $260,505.

351 unit sales were recorded across the region last month.

It equates to a 6% increase from March of 2016.

Potential home buyers were also scrambling to secure that perfect house.

Economist Brendon Ogmundson says March was not a good month for consumers.

“The supply of homes has really, really dwindled in March and it means a lot more buyers are chasing a lot fewer homes for sale which drives the prices higher.”

However, as long as the BC economy remains strong, the demand for homes should go up.

“We’re going to see pretty strong demand across the province and I think we’ll see a bit of a recovery in commodity markets hopefully and that should help most of the north with demand being fairly steady.”

A total of 9,826 residential unit sales were recorded in March province-wide which is down 21.8% from the same period last year.

The average home price in BC was $690,597, a 10.5% decrease from March of 2016.

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