The housing market in the north is slowly showing signs of recovery.
According to data from the BC Real Estate Association, 178 homes changed hands in February, a 41% year-over-year drop after 301 units were sold during the same month the year prior.
With that being said, Economist Ryan McLaughlin told Vista Radio active listings in the region are coming back strong thanks to a 47% spike in the last 12 months.
“There are still well below what we would like them to be. They are still below where they were in 2015, 2016, and 2017. Specifically in the north, they are back roughly to where we were at the start of the pandemic.”
McLaughlin believes if interest rates stay where they are before eventually dropping in 2024, housing activity could pick up again in earnest.
“Given that is the case, we are expecting the second half of 2023 to involve recovery with sales rising. The north should follow that pattern as well but as I said, the north can sometimes be a little detached from the rest of the province.”
Every real estate board in BC except for the South Peace saw a year-over-year uptick in active listings.
In addition, the Residential Sales to Active Listings ratio are at a much healthier level at 12.4% – it was a whopping 30.8% in February of 2022.
The average home price in the north is just over $368,000 – in Prince George it’s quite a bit higher hovering around 500 grand.
Provincially, the average price is $941,575 – a 15% dip when compared to February 2022 when it was $1.1 million.