Northern BC housing market tightens in April: BCREA
If you’re still waiting to find your dream home in Northern BC, you might be out of luck.
Active listing across Northern BC dropped 19% last month when compared to the same time last year.
“If you look at that ratio between supply and demand markets across the north are much tighter today than they were a year ago and that signals prices are going to be increasing at the two to three percent range,” says Cameron Muir, BC Real Estate Association Chief Economist.
Just under 400 properties were sold across the region compared to 350 within the same period last year.
Muir adds the north seems to be bucking the trend when compared to everybody else.
“Home sales are actually up around 12.5% when compared to a year ago and the north is certainly fairing much better than the southern half of the province, the southern half is being impacted by the new mortgage rules and regulations.”
“Home prices across the north are up around 2.5% and that’s in April compared to a year ago and when we look at the first four months of the year it’s up about 3.5% and that’s right around expectations.”
Northern BC is also way more affordable than most other parts of BC leading many younger professionals up this way and finding desirable employment.
“Affordability is important but what is also important is jobs, we’ve seen the province get near full employment when it comes to jobs so there are lots of opportunities that arise out of the north in terms of the resource industry, manufacturing can attract younger, footloose residents into the northern region and help underpin overall housing demand.”
The average home price for the region is now $291,100.