Fewer homes for sale sparks increase in selling prices
Housing sales, listings, and active listings have all decreased this year compared to last in northern BC, according to the Northern Real Estate Board’s 2nd Quarter Report.
In addition to the lower inventory of homes available, the average selling price over the last couple of years continues to steadily rise. The average selling price for Vanderhoof on June 30th, 2016, was $204,900 but is $235,722 at the same time this year.
“It’s a positive in the sense that it’s a sign of a good economy that people are buying and selling,” says BCNREB Director Shawna Kinsley, before moving onto the less favourable implications.
“If you’re trying to get into the market any rise in price you would view as a negative because you’ve got to save more, fewer people can get into the market, or the house you are getting is less house than you would have before when the market goes up.
“When you sell your house, you love that the prices have gone up but most people selling a house are also buying in the same market which, if you’re paying more for your next house and getting more for your house, have you really gained anything?”
In Vanderhoof, 57 properties totalling $11.1 million have been sold this year.