Home sales across the north took a bit of a tumble in July.
According to the BC Real Estate Association, 502 units changed hands last month, a decline of 7.4% when compared to the same month last year.
Chief Economist, Brendon Ogmundson told Vista Radio the year-to-date numbers for our region are still pretty strong despite the dip.
“Right now, sales in the north are about 15% above average levels so we are still seeing really strong sales but certainly, not where we were in May where all-time records were being set.”
The average home price in our region is $386,000 – a jump of about nine percent over the same month in 2020.
Ogmundson mentioned prices continue to climb as the demand continues to outweigh the current supply levels.
“There aren’t enough listings especially for the amount of demand that we saw over the past year. The north did have this as much as other areas but there was some relocation demand for more affordable markets that had more space during the pandemic.”
“As long as demand is going to be outstripping supply at the rate that it currently is we are going to continue to see a lot of upward pressure on prices.”
As of July, there were 1,849 active listings across Northern BC – a dip of 13.3% when comparing it to July of 2020.
In Prince George, the average price for a single-family home is about $450,000.