March ended up being a flat month for home sales across Northern BC.
According to the BC Real Estate Association, 286 unit sales were recorded last month, pretty much on par with March of 2023 where 288 transactions were completed.
Despite this, active listings rose in the region. In March, Northern BC had 1,626, a five-percent year-over-year spike (1,546) when compared to the same month last year.
In terms of pricing, the north also saw some positive gains. The average price for a single-family home in the region stands at $418,525 – a 9% jump from 12 months earlier where the mark stood at just under 384-grand.
As of the end of March, 56 single-family homes came off the market in Prince George for an average price of 518-grand.
During the same time last year, 60 of these units changed hands for over 504-thousand dollars, according to the BC Northern Real Estate Board.
Province-wide, 6,460 residential unit sales were tallied in March, a decline of 9.5 per cent compared to the same time last year.
The average residential price in BC sits at $1.02 million, a 6.5% hike year-over-year spike after it was $958,051 in March 2023.
During the BCREA’s first quarter forecast, it is projected our region will post 37 hundred unit sales in 2024, a 1.5% increase from 2023 – in addition, the average price for a single-family home is predicted to reach $420,000 – a small spike when compared to the year prior.
The provincial association believes the rebound this year will set the stage for a robust 2025. The agency stated due to pent-up demand from strong population growth, and favourable demographics even a small drop could make a huge difference.
Provincial home sales are expected to spike by 7.8% this year to 78,775 transactions before jumping to 86,475 in 2025.