A reported $1.5 billion worth of property sales occurred in Northern B.C. spread out across 5,125 individual sales in 2018.
These numbers are up from 2017 which saw 4,981 sales with a combined value of 1.3-billion as reported by REALATOR members of the BC Northern Real Estate Board (BCNREB) in their annual review.
“In the Board region overall, there was a 2.89 per cent increase in sales and a 10.32 per cent decrease in the number of active listings. Many communities, such as Kitimat and Terrace, for example, saw increased sales year-over-year, 59 per cent increase in sales for Terrace and 147.96 per cent increase in sales for Kitimat. Prince George saw a 10.37 per cent decrease in sales while some other markets had a slight decrease in sales,” Court Smith said, the president of the BCNREB.
Market conditions in BC Northern have tightened since the beginning of 2018, Smith said, which may cause a movement away from a balanced market to a seller’s market. Thankfully, the Northern markets have not had to deal with the same mortgage stress test being felt in the lower mainland and Vancouver area. That being said, individual buyers have been forced out of the Northern market by this mortgage stress test, as rising prices and interest rates have made it difficult for them to buy.
“Northern markets are expected to perform better than the markets in the southern parts of the province for 2019,” Smith concluded.
In Williams Lake, a pattern of sales increasing and listings decreasing appeared. With 469 properties sold in 2017 rising to 495 in 2018 and active listings going down by one from 226 to 225 in 2018.
Sales and active listings in 100 Mile House both went down from 550 sales to 538 and 292 to 283 respectively.
Quesnel had an increase in sales from 345 sales in 2017 to 349 sales in 2018, and also saw an increase in the number of active listings (from 110 in 2017 to 124 in 2018).
Both Fort St. John and Fort Nelson saw an increase in the number of property sales from 2017 to 2018. Fort St. John saw its numbers rise from 455 to 524 while Fort Nelson saw it increase to 80 from 53. Fort St. John also saw a decrease in active listings from 662 to 544 from 2017 to 2018.
Sales did decrease slightly in Prince Rupert from 205 in 2017 to 195 sales in 2018. Meanwhile, Terrace saw a substantial increase in sales from 2017’s 239 to 2018’s 380 coupled with a decrease in active listings from 196 to 151.
“Kitimat saw an increase in sales from 98 sales in 2017 to 243 sales in 2018, and an increase in active listings from 78 in 2017 to 110 in 2018. Smithers had the same number of sales as in 2017 270 sales in 2017 and 2018, and a decrease in the number of active listings from 152 in 2017 to 129 in 2018,” The report also stated.
Up north in Prince George, there was a decrease in sales from 1,562 to 1.400, and an increase in active listings from 448 in 2017 to 462 in 2018.
The average price for a house on acreage in Northern B.C. increased from $402,253 in 2017 to $451,945 in 2018.
A detailed breakdown of property sales, listings and profits made in the Cariboo region from the report are as follows:
Williams Lake: 495 sales worth $118.4 million were reported through MLS® in 2018, up from 469 sales worth $110.5 million the previous year. Half of the 167 single-family homes sold in 2018 sold for less than $275,000. 61 parcels of vacant land, 108 homes on acreage, 20 townhouses, 48 manufactured homes in Parks and 40 manufactured homes on land were also sold in 2018. At the end of December, there were 225 properties of all types available through MLS® in the Williams Lake area, which is one less than the 226 properties at the same time last year.
100 Mile House: 538 properties worth $134.4 million sold this year through MLS®, compared with 550 properties worth $126.9 million in 2017. The 150 single-family homes that sold in 2018 had a median value (half sold for less) of $285,000. In addition, 162 parcels of vacant land, 120 homes on acreage, 42 manufactured homes on land, 14 manufactured homes in Parks, and 26 recreational properties changed hands in 2018. At the end of December, there were 283 properties of all types available for sale through MLS® in the 100 Mile House area, down from the 292 properties at the end of 2017.
Quesnel: 349 properties changed hands in 2018 through MLS®, up slightly from 345 that were sold in 2017. The value of these properties was $78 million ($68.7 million in 2017). The median value of the 146 single-family homes sold in 2017 was $232,500. In addition, 36 parcels of vacant land, 84 homes on acreage, 24 manufactured homes in Parks and a further 33 on land were reported sold in 2018. At year-end, there were 124 properties of all types available for purchase through MLS® in the Quesnel area, up from 110 properties at the end of 2017.