Home sales in Northern B.C. remained strong in July.
According to the B.C. Real Estate Association, 452 unit sales were recorded last month, a 6.6 percent spike when compared to July of 2024 (424).
Economist, Amrit Sidhu explained why our region continues to outshine the rest of BC during these unpredictable economic times.
“The north by far I would say is the most resilient region in the province for the entire year. Even year-to-date unit sales in July are 3.1% over this time in 2024 and compared to historical averages is right on par.”
“Unit sales on a seasonal pattern are tracking to surpass that 10-year average, which most regions in the province aren’t able to boast. A lot of that resilience is tied to the affordability factor of many markets in the north.”
Sidhu added the affordability factor is still an advantage unlike like much of the Lower Mainland and the Island.
“Because homes aren’t as expensive and because the north has some strong fundamentals and some really attractive areas to be in, buyers are more confident to get into the market whereas other parts of the province people are more hesitant to enter.”
The remainder of 2025 looks promising if we stay at our current pace according to Sidhu.
“Right now, we are projecting unit sales in the north to be anywhere from 4,100 to 4,200 unit sales, which again is right on par with the 10-year-average. The 10-year-average is 4,131 sales and 2025 is tracking right around that pace.”
Through the first seven months of this year, 2,466 unit sales have taken place in the BC Northern Real Estate Board while 2,391 transactions occurred at the end of July 2024.
The average home price in the north is $470,919 – a 10.5% increase when compared to 12 months earlier.
In Prince George, the average selling price of detached homes was $531,595.
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