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HomeNews100 Mile HouseNorthern BC Housing Demand Increases During March, Supply Tightens

Northern BC Housing Demand Increases During March, Supply Tightens

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The value of a home in Northern BC jumped to $271,873 in March according to the BC Real Estate Association.

That’s up 4.4% from the same time last year where the previous average home price was $260,505.

351 unit sales were recorded across the region last month.

It equates to a 6% increase from March of 2016.

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Prince George continues to outpace the region with an average home price of $300,000.

The local economy is remaining diverse according to Economist Brendon Ogmundson.
“Prince George kind of has one foot in the commodity sector and one foot out where is it used to be a lot more focus just on forestry and other commodities. When those shocks hit it’s able to weather the storm a bit easier than some of the other markets further north.”

Potential home buyers were also scrambling to secure that perfect house.

Ogmundson says March was not a good month for consumers.

“The supply of homes has really, really dwindled in March and it means a lot more buyers are chasing a lot fewer homes for sale which drives the prices higher.”

However, as long as the BC economy remains strong, the demand for homes should go up.

“We’re going to see pretty strong demand across the province and I think we’ll see a bit of a recovery in commodity markets hopefully and that should help most of the north with demand being fairly steady.”

A total of 9,826 residential unit sales were recorded in March province-wide which is down 21.8% from the same period last year.

The average home price in BC was $690,597, a 10.5% decrease from March of 2016.

(Files from Brendan Pawliw with MYPRINCEGEORGENOW)

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