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Northern real estate market slows

The real estate market in northern B.C. slowed somewhat during the first three months of 2019, according to figures released by the BC Northern Real Estate Board.

According to the board, its members reported 876 sales with a value of $257,043,507 through the Multiple Listing Service in the first quarter of 2019. This compares with 914 sales worth $237,655,394 to the end of March 2018. As of March 31, there were 3,130 properties of all types available for purchase through the MLS compared to 3,143 at this time last year.

“Overall, many markets in the board region saw a slight decrease in sales,” said President Leah Mayer. “Many communities had an increase in number of listings. The number of active listings when compared to 2018, decreased by 13 listings. Some markets also saw low inventories. Many markets may see an increase in sales activity with the weather conditions improving after the winter months.”

In Prince George, there was a slight decrease in sales and listings, and an increase in number of active listings.

In Fort St. John, the number of sales slightly increased and the number of active listings decreased. The number of manufactured homes on land sold increased when compared to 2018. In Fort Nelson, there was a decrease in sales by 50 per cent. The markets in Fort St. John and Fort Nelson are connected to the jobs generated through the oil and gas industry projects in the area.

In the west, Prince Rupert’s sales, listings, and active listings decreased. In Terrace, the number of sales dropped three sales and the number of listings increased. There was a slight decreased in the number of active listings. In Kitimat, the number of sales also decreased. There was an increase in number of listings and number of active listings. Smithers had an increase in sales and a decrease in number of listings and number of active listings.

In the south, Williams Lake, the number of sales dropped by three sales. There was also a decrease in number of listings and number of active listings. In Quesnel, there was a slight increase in sales, listings, and active listings when compared to 2018. In 100 Mile House, there was a decrease in sales and an increase in listings and active listings.

By Region:

(2018 values appear in brackets)

Fraser Fort George Region

Mackenzie: Since January 1 12 (8) properties worth $1.4 million ($1.1 million) have changed hands. As of March 31, there were 63 (42) properties available for purchase through the MLS® in the Mackenzie area.

City of Prince George:  257 (267) properties of all types, worth $90 million ($82.2 million), have changed hands in the first 3 months of 2019 in the City of Prince George. In the western part of the City, the median price of the 46 single-family homes that have sold on MLS® was $327,500 ($299,000).  In the area east of the by-pass, the 33 single-family homes that sold had a median value of $309,000 ($247,000). In the northern part of the city, commonly referred to as “the Hart”, 32 single-family homes sold with a median price of $370,000 ($360,000).  In the southwestern section of the city, 42 homes have sold since January with a median price of $429,500 ($420,000). At the end of March there were 534 (524) properties of all types available on the MLS® within the city limits.

Cariboo Region

100 Mile House and area: A total of 68 (80) properties of all types worth $16.6 million ($15.8 million) have been sold by REALTORS® in the area since the beginning of the year. In the first three months of 2019, 22 single-family homes, 21 parcels of vacant land and 16 homes on acreage changed hands. At the end of the quarter there were 375 (325) properties available for purchase through the MLS®.

Williams Lake: 91 (94) properties have sold so far this year through MLS® in the Williams Lake area. The value of these properties was $ 21.4 million ($19.9). In addition to the 28 single-family homes sold, 10 homes on acreage, 8 manufactured homes in parks and 11 manufactured homes on land have changed hands in the first quarter. As of March 31st, there were 207 (238) properties listed on the MLS® in the Williams Lake area.

Quesnel: In the Quesnel area REALTORS® reported 55 (50) sales worth $11.7 million ($11 million) in the first three months of 2019. In addition to the 20 single-family homes that sold, 8 parcels of vacant land, and 10 homes on acreage have sold this year. There were 147 (135) properties of all types available for purchase through MLS® in the Quesnel area as of March 31st.

Northwest Region

Prince Rupert: 34 (48) properties worth $8.8 million ($13 million) have sold through the MLS® so far this year. Of those 34 properties sold, 22 were single-family residential properties and 2 were parcels of vacant land. As of March 31st, there were 169 (185) properties of all types available for purchase through the MLS® in the Prince Rupert area.

Terrace: REALTORS® in the Terrace area sold 53 (56) properties in the first quarter of 2019. The value of these properties was $16.9 million ($14.5 million). 26 single-family homes, 3 manufactured homes in parks, and 1 manufactured home on land have changed hands since January 1st. As of March 31st, there were 192 (200) properties of all types available for sale in the Terrace area.

Kitimat: In the first quarter of 2019, 19 (32) properties worth $6.7 million ($7.5 million) have been reported sold. Of those 19 properties, 12 were single-family homes, 3 were half-duplexes and 1 was townhouse. At the end of March there were 124 (60) properties of all types available for sale through MLS® in the Kitimat area.

Bulkley Nechako Region

Smithers: REALTORS® in the Smithers area reported 44 (42) sales with a value of $12.6 million ($13.6 million) to March 31st, 2019. In addition to the 19 single-family homes that sold, 6 parcels of vacant land, 11 homes on acreage, and 3 manufactured homes in parks changed hands this year. At the end of the first quarter there were 120 (144) properties of all types available for purchase through the MLS® in the Smithers area.

Burns Lake: 16 (17) properties worth $2.3 million ($1.9 million) have changed hands since January 1st. At the end of March there were 87 (89) properties of all types available for sale through the MLS® in the Burns Lake area.

Vanderhoof: REALTORS® in the Vanderhoof area reported 30 (22) sales worth $12.2 million ($3.6 million) in the first quarter of 2019. At the end of March there were 80 (104) properties available for purchase through the MLS® in the Vanderhoof area.

Fort St. James: In the first quarter of 2019 there were 9 (13) sales worth $1.9 million ($2.2 million) in the Fort St. James area. As of March 31st, there were 61 (48) properties available on the MLS® in the area.

Northern Region

Fort St. John: In the Fort St. John area, 111 (95) properties worth $35.5 million ($31.1 million) changed hands in the first quarter of 2019. In addition to the 54 single-family homes sold, 9 half-duplexes, 8 homes on acreage, 9 manufactured homes in parks and 18 manufactured homes on land have sold since January 1st. At the end of March there were 597 (664) properties of all types available for purchase through the MLS® in the Fort St. John region.

Fort Nelson: 11 (22) properties worth $919 thousand ($1.9 million) were reported sold through the MLS® since the beginning of the year. At the end of March there were 95 (97) properties available for purchase through the MLS® in the Fort Nelson area.