July was a tough month for Northern BC according to the BC Real Estate Association.
Chief Economist, Cameron Muir says the region saw declines in two categories.
“Sales were almost down 10% across the north and on the pricing side they edged back around 3% so that’s really on par with what we are seeing in the region.”
The average price of a home in the north now sits around $267,000.
Prince George broke the $300,000 mark for home prices earlier this summer.
The hot BC housing market across the rest of the province also cooled to a simmer in July.
Muir believes the recent snapback comes after several markets experienced jumps at a torrid pace.
“We experienced record levels of sales with markets like Vancouver peaking in February and in the spring we saw sales heat up in Victoria and all the way to the Okanagan.”
Residential sales in Northern BC dropped 9.9% in the past year.
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