The average price for a single-family home in Northern BC has been on a gradual rise in the past year.
According to the BC Real Estate Association, it was $427,228 – a 7.2% spike when compared to October of 2022.
Economist, Ryan McLaughlin says while prices are jumping they have been a little bit inconsistent this year due to interest rates.
“The highest price level was in August in the north, it fell quite a bit in September and then it jumped again in October. We are still below the all-time peak for the north, which was during the spring of 2022.”
He added while the housing market is slowly becoming more balanced with no new rate hikes planned, more work needs to be done to replenish the region’s stock.
“Sales can jump up and down by huge amounts quite quickly whereas active listings accumulate slowly. We need to build them up in anticipation of the next hot market when it arrives.”
Northern BC has 1,791 active listings as of October – up slightly from the same time last year (1,759).
On a seasonally adjusted basis, active listings in BC have an uptick for the fifth straight month but still remain low by historic standards.
Home sales in our region spiked 7.5% over the past year according to the BCREA.
In October, 330 unit sales were tallied across the region, a slight bump from the same month last year when 307 homes came off the market.
The BCREA reported 5,373 residential unit sales were recorded in October 2023, an increase of 1.8 percent from 12 months prior.
The average residential price in BC was $968,786 up 4.1 percent compared to October 2022.
-with files by Brendan Pawliw-MyPGNow
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