After experiencing a banner year in 2021, Northern BC home sales are seeing an expected dip.
Only 258 units changed hands last month – that’s a year-over-year decline of 25% when compared to February of 2021.
BC Real Estate Association Chief Economist, Brendon Ogmundson told Vista Radio active listings also saw a 17% dip over the past 12-month further compounding what is already a major supply shortage.
“The kind of concerning part is that we are down 17% in the north in active listings and that’s down from a level that is already pretty low this time last year. We really need more supply on the market and all you have to do is look at the average prices. I do think we will get some relief in the second half of the year as demand is going to soften in the summer but we really need some new listings on the market to help markets balance out a little faster.”
“With that said, we are still seeing fairly strong sales, sales that are well above average, we are just off the record pace from last year.”
The average price in our region is 414-thousand dollars – a 15% spike over the past year.
Province-wide, the average price is just over 1.1 million, a 25% jump from February of 2021.
In addition, the Canadian Real Estate Association says the national average home price hit a record $816,720 last month as supply slowly returned to the market.
The average price was up 20.6 percent from last year.