Skip to content

Real estate market has a good year in 2020

While many businesses are suffering due to the COVID-19 pandemic, the northern B.C. realtors are having a good year.

BC Northern Real Estate Board (BCNREB) reported 5,083 property sales worth $1.6 billion in 2020 through the Multiple Listing Service (MLS), up from last year’s 4,748 sales worth $1.5 billion.

“MLS® home sales in 2020 made an exceptional recovery from the pandemic-induced pullback during the first half of the year,” said association president Shawna Kinsley. “The surge in sales in the second half of 2020 was aided by pent-up demand from spring sales that were put on hold, record-low mortgage rates, and historically high savings rates that likely fast-tracked down payments.”

As a result, MLS home sales in the region covered by the BC Northern Real Estate Board grew by 4.2 per cent year-over-year to a total of 4,278 units. In contrast, active listings fell by 30.5 per cent year-over-year to 1,104 units, the lowest level recorded since 1993, as potential sellers continued to put off listing their properties. The mismatch between demand and supply placed upward pressure on MLS average prices, finishing the year 7.1 per cent higher year-over-year, reaching a record high of $332,893.

Looking to 2021, the British Columbia Real Estate Association (BCREA) expects continued momentum going into the new year with the help of record-low mortgage rates and demand for larger homes. Sales will be bounded by the low level of supply in the market, which will place considerable pressure on prices until active listings pick-up. We expect 2021 MLS® home sales will build on momentum gained in 2020 and rise 12 per cent to 4,800 units. The MLS® average home price for the BC Northern board area is forecast to rise 5 per cent to $350,000.

By Region

Cariboo Region

100 Mile House: 616 properties worth $177.4 million sold this year through MLS®, compared with 447 properties worth $118.1 million in 2019. The 179 single-family homes that sold in 2020 had a median value (half sold for less) of $315,000. In addition, 181 parcels of vacant land, 137 homes on acreage, 50 manufactured homes on land, 9 manufactured homes in parks, and 36 recreational properties changed hands in 2020. At the end of December, there were 199 properties of all types available for sale through MLS® in the 100 Mile House area, down from the 324 properties at the end of 2019.

Williams Lake: 455 sales worth $126.9 million were reported through MLS® in 2020, down from 472 sales worth $126.2 million the previous year. Half of the 153 single-family homes sold in 2020 sold for less than $322,000. 68 parcels of vacant land, 103 homes on acreage, 22 townhouses, 39 manufactured homes in parks and 35 manufactured homes on land were also sold in 2020. At the end of December, there were 125 properties of all types available through MLS® in the Williams Lake area, down from the 171 properties at the same time last year.

Quesnel: 398 properties changed hands in 2020 through MLS®, up from 351 that were sold in 2019. The value of these properties was $97.7 million ($83 million in 2019). The median value of the 148 single-family homes sold in 2020 was $275,000. In addition, 59 parcels of vacant land, 94 homes on acreage, 26 manufactured homes in parks and a further 43 on land were reported sold in 2020. At year-end, there were 113 properties of all types available for purchase through MLS® in the Quesnel area, down from 145 properties at the end of 2019.

Northwest Region

Prince Rupert: 229 properties worth $72.9 million changed hands in 2020 compared with 201 properties worth $59. million in 2019. Half of the 158 single-family homes sold in 2020 sold for less than $347,000. In addition, 24 parcels of vacant land, 8 townhouses and 16 half-duplexes sold in 2020. At year-end, there were 80 properties of all types available through MLS® in the Prince Rupert area, down from the 108 properties at the same time last year.

Terrace: 318 properties sold in 2020 were worth $114.1 million compared with 2019’s 282 properties worth $95.4 million. Of the 163 single-family homes that changed hands, half sold for less than $390,000. In addition, 26 parcels of vacant land, 45 homes on acreage, 32 manufactured homes in parks and a further 13 on land sold in 2020. As of December 31st, there were 154 properties of all types available through MLS® in the Terrace area, down from the 192 properties available at December 31st, 2019.

Kitimat: 166 properties worth $52.6 million changed hands in 2020 compared to the 144 properties worth $63.7 million that sold in 2019. The median value of the 118 single-family homes sold in 2020 was $327,500. In addition, 19 half-duplexes and 19 townhouses were sold. At year-end, there were 106 properties of all types available in the Kitimat area, which was unchanged from 106 at December 31st, 2019.

Bulkley Nechako Region

Houston: 35 properties worth $8.2 million changed hands in 2020, compared to the 52 properties worth $10.5 million that sold in 2019. The median value of the 21 single-family homes sold was $212,500. As of December 31st, there were 25 properties of all types available in the Houston area.

Smithers: REALTORS® reported 252 sales worth $83.5 million in 2020, compared to 222 sales worth $67 million in 2019. The median value of the 96 single-family homes that sold in 2020, was $371,000. 44 parcels of vacant land, 49 homes on acreage, 21 manufactured homes in parks and a further 16 on land also changed hands in 2020. At year-end, there were 78 properties of all types available in the Smithers area, compared with 123 at December 31st, 2019.

Burns Lake: 75 properties with a value of $14.7 million sold in 2020 compared with 84 worth $13.9 million in 2019. Half of the 25 single-family homes that sold, sold for less than $165,000. 18 parcels of vacant land, 23 homes on acreage and 3 manufactured homes on land also changed hands in 2020. As of December 31st, there were 60 properties of all types available through MLS® in the Burns Lake area, down from 78 at the end of 2019.

Vanderhoof: 146 properties sold in 2020 were worth $42.7 million, compared with 2019’s 120 properties worth $31.3 million. Of the 60 single-family homes that sold in 2020, half sold for less than $230,000. In addition, 26 parcels of vacant land, 32 homes on acreage, 1 manufactured home in a park and a further 12 manufactured homes on land changed hands in 2020. As of December 31st, there were 47 properties of all types available through MLS® in the Vanderhoof area, compared with 81 properties a year ago.

In Fort St. James 61 properties worth $11.3 million sold in 2020, compared to 61 properties worth $9.9 million in 2019. At year-end, there were 32 properties of all types available through MLS® in the Fort St. James area, compared to 63 at the same time last year.

Northern Region

Fort St. John: 529 properties with a value of $187.8 million sold in 2020, down from 501 properties worth $179.3 million that sold in 2019. Of the 271 single-family homes sold in 2020, half sold for less than $352,500. In addition, 23 parcels of vacant land, 52 half-duplexes, 66 homes on acreage, 24 manufactured homes in parks and a further 44 on land sold in 2020. At the end of December, there were 537 properties of all types available through MLS® in the Fort St. John area, down from the 566 properties at the end of 2019.

Fort Nelson: 82 properties sold through MLS® in 2020 were worth $12.1 million, up from 2019’s 48 properties worth $5.5 million. Half of the 31 single-family homes sold in 2020, sold for less than $125,000. There were 7 homes on acreage and 2 townhouses also sold in 2020. As of December 31st, there were 96 properties of all types available through MLS® in the Fort Nelson area, down from the 101 properties on December 31st, 2019.

Fraser Fort George Region

Mackenzie: 47 properties worth $8.6 million were reported sold in 2020, compared with 2019’s 45 properties worth $7 million. The median value of the 33 single-family homes that sold in 2020 was $165,000. At year-end, there were 63 properties of all types available through MLS® in the Mackenzie area, down from the 86 properties at the same time in 2019.

Prince George: 1361 properties worth $500 million sold in 2020, compared with 1417 properties worth $491.7 million in 2019. At year-end, there were 306 properties of all types available through MLS® compared to 429 properties at the end of 2019.

In the area west of the by-pass, half of the 246 single-family homes sold in 2020, sold for less than $364,500. As well, 24 apartment units and 42 townhouses changed hands in 2020. As of December 31st, there were 14 single-family homes available through MLS® in this area of the City, compared to 22 at the same time last year.

East of the by-pass 37 apartment units, 26 half-duplexes, and 26 townhouses sold in 2020. The 170 single-family homes sold had a median value of $307,000. At the end of December there were 19 single-family homes available for sale through MLS® in this area compared with 24 at the end of 2019.

In the northern part of the city, 27 homes on acreage, 26 manufactured homes in parks and a further 52 manufactured homes on land sold in 2020. Of the 168 single-family homes sold, half sold for less than $417,000. As of December 31st, there were 19 single-family homes available through MLS® in this area of the City compared with 39 at the end of 2019.

In the southwest sector 9 half-duplexes, 21 townhouses, 12 homes on acreage, 10 manufactured homes in parks and a further 8 manufactured homes on land sold in 2020. Half of the 260 single-family homes sold in 2020 sold for less than $450,000. At year-end, there were 20 single-family homes available for sale through MLS® in the southwest sector, compared with the 36 at the end of 2019.

The members of the BC Northern Real Estate Board are committed to improving the Quality of Life in their communities. The BC Northern Real Estate Board supports the growth which encourages economic vitality, provides housing opportunities and builds communities with good schools and safe neighbourhoods. The REALTOR® members of the BC Northern Real Estate Board serve the real estate needs of the communities from Fort Nelson in the north to 100 Mile House in the south and from the Alberta border to Haida Gwaii.

REALTOR® and MLS® trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

Average Selling Price (Year to Date)

MLS® Reported Sales – Single-family Residential

BC Northern Real Estate Board

Community

December 31, 2018

Units

December 31, 2019

Units

December 31, 2020

Units

100 Mile House

301,391

150

323,579

143

337,762

179

Williams Lake

291,351

167

287,916

158

335,585

153

Quesnel

237,718

146

267,108

152

288,323

148

Prince Rupert

294,872

149

299,895

153

345,405

158

Houston

174,067

32

187,852

36

219,618

21

Smithers

296,499

116

302,535

93

371,032

96

Burns Lake

163,238

26

168,982

35

198,158

25

Vanderhoof

238,196

55

231,571

48

222,560

60

Fort St. James

219,052

19

234,929

24

200,705

27

Fort St. John

366,129

290

375,775

245

373,081

271

Fort Nelson

115,913

30

119,797

17

136,756

31

Mackenzie

183,268

38

157,600

34

168,578

33

Prince George

350,713

917

371,443

922

406,943

858

Terrace

346,500

205

398,553

155

400,539

163

Kitimat

298,200

168

373,146

100

342,854

118

 

What do you think about this story?