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BC Northern Real Estate Board says sales volume and prices down in 2015

BC Northern Real Estate Board says sales volume and prices down in 2015

The BC Northern Real Estate Board says property sales in the north declined in 2015 from 2014.

The board says 2015 saw 4,840 sales worth $1.2 billion, while 2014 saw 5,218 sales worth $1.3 billion.

According to the board, global commodity prices and economic slowdowns were the main drivers of lower prices and sales.

In the northwest, Kitimat saw property sales and prices go down, while Prince Rupert saw sales numbers go down with rising prices.

Terrace saw a decline in both volume and prices, most likely due to the normalization of the market.

In the northeast, Fort St. John saw sales drop 28% with a 9% drop in prices due to depressed oil and gas markets.

The board says with the easing of speculation and the declining economies of some areas, future lower prices may be beneficial to locals in the region.

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