Slower housing market expected for Northern B.C. in 2023

Cariboo saw drop in sales last year as interest rates rose

Property sales declined across the Cariboo in 2022. (File photo).

Property sales declined across the Cariboo in 2022. (File photo).

The Cariboo saw a decline in the number of properties sold last year compared with 2021, following a rise in interest rates during the second half of the year.

The drop is in line with properties across northern B.C. The BC Northern Real Estate Board said said home sales across the BC Northern region totalled 4,250 units in 2022, down 23 per cent from 2021’s near record pace.

Higher mortgage rates coupled with an expected slowdown in the economy will likely mean a slower housing market in 2023. BCREA is forecasting that home sales will decline nine per cent in 2023 to 3,900 units. Slower sales and rising inventory will also precipitate a slight decline in home prices, with the average price in the region slipping about one per cent over the next year.

In 100 Mile House, 480 properties worth $200 million were sold through MLS last year, compared with 798 worth $268.5 million in 2021. The 147 single-family homes that sold in 2022 had a median value (half sold for less) of $474,900. In addition, 135 parcels of vacant land, 116 homes on acreage, 37 manufactured homes on land, 11 manufactured homes in parks, and 16 recreational properties changed hands in 2022.

However, this also means there are more homes on the market. At the end of December, there were 202 properties available for sale in 100 Mile House, up from the 83 properties at the end of 2021.

Similar numbers were seen in Williams Lake, where 438 sales worth $169.6 million were reported through MLS® in 2022, down from 599 sales worth $196.7 million in 2021. Half of the 150 single-family homes sold in 2022 sold for less than $435,000. Thirty parcels of vacant land, 107 homes on acreage, 34 townhouses, 35 manufactured homes in parks and 43 manufactured homes on land were also sold in 2022.

At the end of December, 157 properties were available in Williams Lake, up from 58 properties at the same time last year.

In Quesnel, 381 properties changed hands in 2022, down from 478 a year earlier. The value of these properties was $123.3 million, a decline from $136.9 million in 2021. The median value of the 129 single-family homes sold in 2022 was $380,000. Another 68 parcels of vacant land, 85 homes on acreage, 29 manufactured homes in parks and a further 33 on land were reported sold in 2022. At year-end, there were 149 properties available in the Quesnel area, up from 36 properties at the end of 2021.

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