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House prices on the rise in the Cariboo

The number of houses being sold in the Cariboo has increased significantly this year, and so have house prices.

BC Northern Real Estate Director David Jurek says there has been a significant increase in the number of homes that have been sold in the Cariboo so far this year. In the Williams Lake area, 119 properties have been sold through MLS this year, with the total value of all properties being $34.3 million. In Quesnel, 117 properties with a total value of $23.3 million were sold. Jurek says the biggest increase was in 100 Mile House where 214 properties of all types were sold with a total worth of $62.6 million.

According to the BC Northern Real Estate Board, the average prices of homes have seen a significant increase in prices of homes as well. This year in Quesnel, the average price of a single-family home was $272,745 (26 units) In 2020, the average price in Quesnel was $228,687 (16 units).

The average price of a single-family home in Williams Lake was $369,272 (44 units) in 2021. In 2020, the average price was $289,687 (29 units).

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The biggest increase in price from 2020 was in 100 Mile House. In 2021, a single-family home in 100 Mile House costs on average $384,849 (41 units). Last year, the average was $258,288 (17 units).

Real Estate Director Jurek says one of the biggest reasons for the increase was low inventory. “As a general rule this time of year, the inventory is low anyway,” Jurek says, “The market is quite active in the Lower Mainland with a lot of the buyers coming from that neck of the woods, and we just haven’t started to list as much. Our inventory usually comes on in the April/May months and this year we’ve had a lot of buyers coming up early and the inventory just hasn’t been there so the price has gone up.”

Jurek says COVID-19 is also a factor in the increase. “When things loosened up a tiny bit last summer starting moving around, we definitely started seeing people wanting to get out of the large metropolitan areas,” Jurek explains, “that definitely fueled our market right after the pandemic started last year, and I think that has continued on with several other things also adding to that.”

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