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Northern BC home sales see decline of 5% in October

Northern BC took a 5% dip in home sales last month says BC Real Estate Association Chief Economist Cameron Muir.

Muir believes weak commodity prices are playing a role, but the situation is far from dire.

“The north itself is struggling from weak commodity prices but I think the good news is on the pricing side where prices are only down a couple of percents year-over-year and I think that bodes well for the overall impact of this weak commodity cycle.”

The BCREA are also keeping a close eye on what American President-elect Donald Trump will do in the White House.

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Muir says while a lot of people are concerned, it’s still too early to know how the provincial home sector will be impacted.

“We won’t know until after the inauguration on what kind of policies will be implemented but there is not doubt with protection sentiments in the United States it will likely have a negative impact on Canada.”

341 homes were sold in the region compared to 359 at the same time last year.

The average price of a home in Northern BC is over $265,000.

Prince George is a bit higher at $300,000.

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