Home sales across northern BC got off to a solid start to begin 2025 according to the BC Real Estate Association.
173 unit sales were recorded in January, which is a 7.5% year-over-year increase when compared to the same month last year.
Chief Economist, Brendon Ogmundson spoke with MyPGNow.com.
“Listings were down slightly and some markets got a little bit tighter as the average price was up 3.4% approaching $400,000 for the region as a whole.”
Ogmundson added the sector is keeping a close eye on the Trump tariffs on all imported goods including those from Canada.
He says the 25% markup penalty on steel and aluminum could put a dent in activity within our region.
“BC doesn’t produce a lot of steel but it does produce a lot of aluminum and the Rio Tinto smelter in Kitimat is one of the largest suppliers to the United States and that of course is going to be affected by these tariffs.”
“If those tariffs are back on March 1st, a lot parts of the north are the communities that are going to be most affected by the tariffs. A lot of uncertainty and that alone can really impact decision making.”
The average residential price in BC in January 2025 was down one percent at $949,560 compared to $959,191 during the same month last year.
Active listings across the province climbed to 30,896 units, a 27% increase from the same month last year.
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