The BC Northern Real Estate Board says home sales and average prices remained largely stable across the Northwest in 2017 despite some major letdowns in the LNG sector
Board President John Evans says Prince Rupert was the strongest performer in the region with an uptick in average selling price despite the announcement by Petronas that it would not proceed with its massive LNG facility.
Terrace stayed quite stable over the year with average sale prices down only slightly and sales up over 2016.
Evans says Kitimat did take a hit in 2017 with average selling price of a single family home dropping by about 20 per cent, although indicators look good for the coming year.
He says a positive Final Investment Decision byLNG Canada would likely force prices up once again.
Evans says the increasing diversity of the Northwest economy has shielded it from the boom-bust cycle that once dominated the region in earlier decades.
