Northern BC home sales see up tick in October
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.
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.