Potential home buyers in Northern BC found it a little more difficult to find the home of their choice last month.
According to the BC Real Estate Association, 8,700 units were sold across the province in October with a rise in the amount of homes being sold in our region.
BC Home Sales Rise Despite Low Level of Supply. Latest stats: https://t.co/RSMsH2ygp1 pic.twitter.com/SlyoCX0Cmd
— BC Real Estate Assoc (@bcrea) November 14, 2017
The surge backs up the recent numbers according to BC Real Estate Association Chief Economist, Cameron Muir.
“Overall sales activity was up about 21% compared to a year ago so about 412 units, market conditions across the north are tighter last month than they were a year ago, so we’ve seen a 7% decline in the total amount of homes for sale.”
The province’s economy remains strong as it will enjoy its fourth year of 3% or more of GDP growth.
Muir adds these results are good signs for the housing market.
“That has a tremendous cumulative effect on job growth as well as migration with footloose households moving to other provinces like BC in search of the jobs, so that’s a good foundation to the housing market overall and we’re certainly expecting that to continue in the near term.”
The average home price in Northern BC during October was under $250,000.
It’s considerably higher in Prince George at just over $320,000.