According to the BC Real Estate Association, housing sales across the province including the north came back to near normal levels in September.
386 residential sales were recorded last month in our region, an increase of four percent from September of 2018.
BCREA Chief Economist, Brendon Ogmundson told Vista Radio home prices in the north are also trending upward.
“We’re seeing that market conditions are still a little tight and that’s led to a pretty healthy increase in prices at about six-and-a-half percent on a year-over-year basis.”
Northern BC continued to enjoy the resurgence where the region saw over 24-hundred active listings, a six percent increase from September of 2018.
“So, what we’re really seeing is that sales are just getting back to normal, kind of the same case in the BC Northern area where sales were up about four percent where saw close to 400 sales in the area and Prince George was about the same at about four percent.”
Ogmundson believes all housing markets in BC are finally getting adjusted to the new stress test rules that were implemented a couple of years ago, leading to lower mortgage rates in some areas.
The average home price in BC is just under 698-thousand dollars, while in Northern BC it sits around $305,000.
Prince George is a little bit higher at roughly $340,000.