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Northern BC sees 7.5% spike in home sales since October of 2022

The average price for a single-family home in Northern BC has been on a gradual rise in the past year.

According to the BC Real Estate Association, it was $427,228 – a 7.2% spike when compared to October of 2022. Prince George remains a little bit higher at 495 grand.

Economist, Ryan McLaughlin told Vista Radio while prices are jumping they have been a little bit inconsistent this year due to interest rates.

“The highest price level was in August in the north, it fell quite a bit in September and then it jumped again in October. We are still below the all-time peak for the north, which was during the spring of 2022.”

He added while the housing market is slowly becoming more balanced with no new rate hikes planned, more work needs to be done to replenish the region’s stock.

“Sales can jump up and down by huge amounts quite quickly whereas active listings accumulate slowly. We need to build them up in anticipation of the next hot market when it arrives.”

Northern BC has 1,791 active listings as of October – up slightly from the same time last year (1,759).

On a seasonally adjusted basis, active listings in BC have an uptick for the fifth straight month but still remain low by historic standards.

Home sales in our region spiked 7.5% over the past year according to the BCREA.

In October, 330 unit sales were tallied across the region, a slight bump from the same month last year when 307 homes came off the market.

The BCREA reported 5,373 residential unit sales were recorded in October 2023, an increase of 1.8 percent from 12 months prior.

The average residential price in BC was $968,786 up 4.1 percent compared to October 2022.

 

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Brendan Pawliw
Brendan Pawliw
Since moving to Prince George in 2015, Brendan has covered local sports including the WHL’s Prince George Cougars, Prince George Spruce Kings, UNBC Timberwolves, Cariboo Cougars AAA, and Northern Capitals U18 female hockey teams. Career highlights include play-by-play during the Spruce Kings' BCHL championship runs in 2018 and 2019, including the Doyle Cup win. He also covered the 2019 National Junior A Championship, the 2017 Telus Cup, the 2022 World Women’s Curling Championship, and the 2022 BC Summer Games. Brendan is the news voice on 94.3 The Goat and Country 97 FM, reporting on crime, real estate, labour, and environmental issues. Outside of work, he officiates box lacrosse and fastball, sits on the Prince George Sports Hall of Fame board, and co-hosts the Hockey North podcast.

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