It was a rare down month for Northern BC home sales.
According to the BC Real Estate Association, our region tallied 361 unit sales in October, a 17% year-over-year decline when compared to 12 months earlier.
However, BCREA Economist, Amit Sidhu told Vista Radio the setback isn’t all bad news as a strong finish is still expected for the north.
“We still expect MLS unit sales in the northern region to reach around 42-hundred sales, which again would surpass their 10-year average and also, that would be a sales growth of 4.7% over last year.”
“If we look back at how activity was in October, November and December of last year it was incredibly strong compared to other months in 2024. Even on a seasonally-adjusted basis, sales activity in the last quarter of 2024 and basically every region in the province was basically in line with their long-run historical averages.”
Sidhu expects activity to be health in the north due to more purchasing power for potential buyer as the key interest rate from the Bank of Canada remains at an attractive number.
“Rate environments are going to generally positive. We expect rates to come down a little bit from the fact that bank spreads right now are higher than what they have typically been throughout history. There is some relative stability in terms of what monetary policy expectations are and while their is a lot of volatility concerning trade policy, there is still a general focus from a our federal government to resolve trade confidence with Americans”
The average home price in the north came in at $445,753 in October, up over 4% when compared to the same time last year.
That price was a quite a bit higher in Prince George at $545,424.
Something going on in the Prince George area you think people should know about?
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