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Northern BC real estate sales cooling

The BC Northern Real Estate Board says home sales and prices have started to cool off, particularly in regions with ties to the oil and gas industry.

Stats from the board’s first quarter show a decline in the number of properties changing hands and a drop in average selling price in the northeast and northwest.

Terrace/Prince Rupert Director John Evans says he’s seen a dramatic decrease in the amount of activity during the first three months of 2015 but adds that 2014 was an extraordinary year.

As for what happens next, Evans says it really depends on what happens with some of the major projects, including liquefied natural gas.

A total of 31 single detached homes sold in Terrace during the first quarter of 2015 at an average price of $284,564.  During the same period last year, 43 homes had sold with an average price of $294,000.

Kitimat recorded 14 detached home sales in the first quarter of 2015 compared to 23 during the same period last year.  The average selling price was $305,885 compared to $321,786 in 2014.

Prince Rupert saw its 2015 sales cut in half, but the average selling price during the first quarter was $238,407 compared to $190,461 during the same period last year.

 

About Bill Fee

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