Northern BC home sales have experienced a nice resurgence over the past 12 months.
According to the province’s Real Estate Association, 425 unit sales were completed last month – a 13% year-over-year spike (July 2023).
Chief Economist, Brendon Ogmundson told Vista Radio the interest rate cuts by the Bank of Canada are having more of an impact on Vancouver Island and the Lower Mainland, with the north humming along just fine.
“Right now, the north is in very good shape. I always cheer for a boring market because we have had too much excitement over the past decade. It’s good to have a balanced market with some stable prices and a decent amount of activity.”
“The only thing that concerns me a little bit is if we can generate enough supply. Some areas of the north since it’s a big, vast area and some communities are less capable of getting new supply to the market fast enough and there are pockets where demand would flare up and that can cause prices to increase faster than we’d like.”
Active listings within the BC Northern Real Estate Board dipped by 2.5% in the past year, going from 2,239 in July of 2023 to 2,182 last month.
The average price for a home in Northern BC is $425,170 – a 2.5% decrease when compared to the same time last year. Provincially, the average price for July was $959,480 – a decline of 0.8% when compared to 12 months earlier.
Through the first seven months of this year, the average price of a single-family home in PG is $519,000.
Something going on in the Bulkley Valley Lakes District you think people should know about?
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