Houses are continuing to sell like hotcakes here in Northern BC.
255 homes changed hands last month, a slight decrease of 4.5% when compared to the same time last year according to the BC Real Estate Association.
Last year, Northern BC enjoyed its best January on record since 2008 when 267 units were sold.
Chief Economist, Brendon Ogmundson told Vista Radio housing supply is tight across the province.
“If we look across all of BC, home sales are down compared to what was a record January in 2021. But there is not a lot of supply in the market as we estimate there is a listings deficit of about 25,000 across the province.”
“It’s still a good start to the year (in the north) and listings are still down 20%. We estimate that in the north active listings to the number of houses available to buy in the market right now probably have to double in order to get back to a healthy balance.”
In addition, the average house price is seeing a steady climb to begin 2022.
“Across the whole north, the average price is around $378,000, up 12.5%. In Prince George, prices are up closer to 19% and single-family homes were over $500,000,” added Ogmundson.
Regions like Vancouver Island, Chilliwack, and the Fraser Valley all saw year-over-year price increases between 30 and 40%.
In BC, the average residential price is $1,042,169 – a 23.5% spike from the same time last year.
Ogmundson stated several areas outside of Vancouver city limits are catching up in price.
“Now, we have the Fraser Valley and that includes Surrey and Langley, prices in that market are very rapidly converging on the rest of Vancouver. We have markets like Victoria that are now almost a million dollars and even a market like Chilliwack, which is the second-fastest-growing CMA (Census Metropolitan Area) in Canada is approaching a million dollars.”