The BC Northern Real Estate Board recorded its best November on record since 2006 for home sales.
According to the province’s Real Estate Association, 429 units changed hands, surpassing the old mark of 403.
Chief Economist, Brendon Ogmundson told Vista Radio our region is well on its way to having its most sales ever in one year.
“It puts us in real striking distance of setting an annual record once we add December’s stats. In 2006, we had 5,558, we are at about 300 or so sales away from that.”
While sales are robust, active listings in the region remain limited seeing a 14% year-over-year decline.
However, Ogmundson noted this issue is not specific to the north.
“We are seeing inventory hit new record-lows every month. In the province of BC, there were just 16-thousand listings, which is extremely low. That’s what Vancouver used to have on its own in a healthy-ish market.”
Overall, it continues to be a seller’s market across Canada.
According to new data released today (Wednesday) by the Canadian Real Estate Association, the average selling price in the country last month was just under $721,000, beating out the previous all-time high set back in March.
Ogmundson noted the province is well ahead of the national pace.
“In BC, we set a record-high for the average price at almost a million dollars – 994-thousand to be exact. A lot of that was driven by a big jump in single-detached prices in Vancouver and I don’t think we are going to stay at those levels.”
In the north, the average home price is $405,000 – a 25% spike when compared to November of 2020.
The average price in PG is hovering around 460-grand.