The BC Northern Real Estate Board says 2016 was a bit of a mixed bag for BC properties but the north began to exhibit signs of recovery after several slow years. The region saw 4,737 properties worth $1.2 billion dollars in sales last year. The number of sales decreased by just over 100 properties, although value stayed the same.
But strong sales in December seem to be carrying over into the new year.
“The last two years, we had some slow starts and it seemed to correspond with weather breaking,” says Bob Quinlan, a director with the board in Prince George. “2015, it took a little longer, 2016, it broke a little earlier. But this year here, we seem to be carrying on from December and it seems to be some good activity happening right here in January, even in spite of the weather.”
One hundred and eight properties changed hands in Vanderhoof in 2016, compared to 120 in 2015 but the value of those homes went up. Sales totalled $21 million in 2016, nearly identical to 2015’s $22.2 million total. As of December 31, there were 90 properties for sale, compared to 103 in 2015.
Quinlan says high prices in the Lower Mainland are helping to drive sales up here.
“We’re seeing some fallout from the Lower mainland market where investors especially are coming up here and seeing lower prices and better cash returns on investment rental properties.”
He’s predicting another steady year for 2017.
“Overall, I think we’re just going to see a decent year, nothing crazy just some good solid growth and people are going to be confident about spending money and going to the bank to try and borrow it.”
Quinlan recommends that anyone considering selling a property this year do their research and consider consulting a professional.