Northern BC and provincial home sales soar in November : BCREA
Home sales across Northern BC remained at a healthy clip in November at 306.
Its a jump of about 40 unit sales when compared to the same time last year.
Prince George will continue to have the strongest economy out of the entire region heading into 2018.
However, the northern capital could also feel a little bit of a pinch according to BC Real Estate Association Chief Economist Cameron Muir.
“You know there is still an impact on softwood lumber duties, which will impact overall economic performance in the north, a weaning Canadian dollar is helping to offset some of those impacts and when we look at commodity price growth this year we’ve seen the marginal uptick in overall commodity prices.”
Across the province, about 7,700 unit sales were recorded, which is a spike of over 20% from November of 2016.
Muir adds there are several factors on why we’re seeing more sales.
“BC employment over the last 12 months is up about 3.8% and that’s about 90,000 jobs and wages are beginning to go up as well we’ve seen the average weekly wage to climb up about 5.7%.”
The average home price for the north remained flat at $265,000, the price in Prince George is way higher at $320,000.