Northern BC home sales have spiked by 24% on a year-over-year basis according to the province’s Real Estate Association.
According to its April report, 358 unit sales were recorded last month, a huge surge from the same time 12 months earlier after 288 homes changed hands.
Senior Economist, Ryan McLaughlin told Vista Radio active listings in our region also saw a climb of nearly 16%.
“More people were listing their homes and then in British Columbia, sales were a little bit on the cool end but in the north, they are doing quite well.”
McLaughlin also expects more people to jump into the housing market in the coming months.
“Interest rates have already fallen quite a bit. If we are talking about five-year fixed rates, those rates kind of track expectations on what the bank is going to do over the next five years rather than what they have already done and, since expectations have already fallen quite a bit – the five-year fixed rates have come off their peak quite a bit already.”
The average price of a home in Northern BC currently sits at $434,772 – an 8% spike when compared to April of 2022.
Prince George is a little bit higher at over 500 grand.
Province-wide, the average home price is exactly one million.
Something going on in the Prince George area you think people should know about?
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