While rising interest rate anxieties heavily chilled British Columbia’s major metropolitan housing markets last month, a stark regional divide has emerged as the north continues to buck the provincial downward trend.
According to the BC Real Estate Association, 358 units sold across Northern B.C. in September representing a minor, decline of 2.7 per cent from last year, yet remained a healthy 4.9 per cent above the regional five-year average.
The average home price in Northern B.C. in September was $475,072, up 7.6 percent when compared to 12 months earlier.
In addition, the province recorded just 5,254 residential sales in September, a steep drop from the same month last year and roughly 26 per cent below the 10-year historical average.
The provincial average home price slipped 2.4 per cent to $924,279, driving the total sales dollar volume down by 11 per cent to $4.86 billion.
“Home sales dipped in September after an encouraging summer as spiking oil prices prompted speculation of impending Bank of Canada rate hikes,” said BCREA Chief Economist Brendon Ogmundson.
“However, we are also seeing inventory levels decline on a monthly basis, which should help markets remain in balance.”
Looking further south, places like Chilliwack (-13.2%), Greater Vancouver (-7.8%) and the Fraser Valley (-5.1%) all experienced greater sales declines.
There were 2,170 active residential unit listings in Northern B.C. during September, an increase of 43 when compared to the same time last year.
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