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HomeNewsHousing prices in Northern BC have spiked 17% in the past 12...

Housing prices in Northern BC have spiked 17% in the past 12 months

Housing sales across the north have held steady on a year-over-year basis.

According to the BC Real Estate Association, 472 homes changed hands in October, a decline of just seven (479) units when compared to the same time last year.

Chief Economist, Brendon Ogmundson told Vista Radio sales remain at a steady pace.

“We are seeing the level of sales activity really kind of hold up across the province. We are not at that record level we were seeing in the spring but we are at a solid level of demand and the fact is we don’t have enough supply to meet that demand.”

However, our region is still suffering from a lack of supply, where there were just 1,423 active listings in October, a decline of about 11% when compared to October 2020.

Ogmundson noted it’s hard to boost supply in markets that are considered cyclical.

“When things are really good there is a lot of investor demand, a lot of economic activity but when things slow down these markets tend to struggle. Getting the right amount of supply in those markets can be difficult.”

The average price for a home in Northern BC is 403-grand – an increase of 16% on a year-over-basis.

In Prince George, a single-detached home will cost you just over 450-thousand.

So far, 4,819 unit sales have been recorded in Northern BC, a spike of nearly 32% from last year.

The average residential price in BC is a shade under $965,000.

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