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HomeNewsNorthern BC sees its highest level of home sales since 2006

Northern BC sees its highest level of home sales since 2006

Home sales across Northern BC reached record levels in July despite the fact we’re still in a pandemic that includes double-digit unemployment figures.

According to the BC Real Estate Association, 545 homes changed hands last month, compared to 462 during July of 2019.

That’s a year-over-year spike of 18% and is also the highest sales mark for our region since 2006.

Chief Economist Brendon Ogmudson spoke with Vista Radio

“We are in an odd situation wherein a recession we are seeing demand recover really strong and supply actually fall, normally in a recession, we would see demand fall and supply rising and in this case, we have the opposite here.”

“We are in a recession where the underlying economic activity is not strong but when we look at the housing market, the demand is still there because a lot of households who are in the market to buy their employment is not as at risk.”

The average home price in the region is 356-thousand, a spike of 16.5% when compared to July of last year.

In BC, the average residential price is 770-thousand dollars, a 13 percent increase from the previous year.

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