Northern BC followed the trend set by the rest to the province for the most part when looking at September real estate numbers*.
The dollar volume for the month compared to September 2017 is down one percent and the total number of units sold is down 9.5%. Total listings dropped over 10%, however, the average residential price rose 9.4%, reaching $286,886. Chief Economist Cameron Muir notes that rise could be the start of things turning around.
“When we look at the economy in British Columbia, it’s doing extremely well. Employment has grown quite dramatically over the last few years and that is leading to very low unemployment rates and rising wages which is all positive for housing markets and household’s balance sheets.”
Where northern BC sets itself apart is in the year to date numbers. The north is the only region in the province to see an increase in year to date unit sale, albeit a minor one, going up 1.1%. The northern BC dollar volume also rose (6.5%), making it one of just two regions to make a jump (Powell River up 4.4%). Also rising in the north was the average price of homes, at $293,771.
Muir says these trend-bucking increases could be due to a renewed confidence in the north from a recently approved project.
“As a result of the go ahead on the LNG terminal in Kitimat, that’s going to directly inject about ten billion dollars worth of spending into the BC economy and that’s going to be a positive thing, not just for the north but for the province as a whole.”
Residential sales to active listing also rose in the north in September 2018 compared to last, going up 0.2%. This is the only increase in BC; four of the other eleven regions dropped by more than half. The provincial average for sales to active listings went from 27.5% in September 2017 to 14.8% in September of this year.
*All numbers are from the BC Real Estate Association September report