Slight increase in Overall volume and dollar value of real estate in Prince Rupert for 2019

The BC Northern Real Estate Board has released its final look at the state of Real Estate in the Northwest from 2019 with some mixed results depending on the community, with inland communities suffering some economic factors that impacted on their final year end numbers, while the closer you travel to the North West the results were down a bit, but still showing signs of some of the economic optimism found in the region.

 For Prince Rupert, the number of properties that changed hands and the amount of money they accrued were up slightly by years end.

The results for Prince Rupert  show that 201 properties worth $59 million changed hands in 2019, compared to 195 properties worth $53.5 million the year before.

Half of the 153 single-family homes sold in 2019 sold for less than $284,250. 8 parcels of vacant land, 6 townhouses and 8 half duplexes were also sold in 2019.

As 2019 rolled over into 2020, there were 108 properties of all types listed through MLS in the Prince Rupert area, down from the 124 properties at the same time last year.

***************************************************************************

The economic progress being seen in both Terrace and Kitimat had an impact on both markets through 2019, with Terrace leading the way in the Northwest when it comes to property sold and returns for sellers.

The Terrace market was the most active, with 282 properties sold in 2019 worth 95.4 million, though that number was down from 2018's numbers when 380 properties worth $117.8 million were recorded.

Of the 155 single family homes that changed hands, half sold for less that $387,000. 24 parcels of vacant land, 25 homes on acreages, 26 manufactured homes in parks and a further 9 on land made for transactions in 2019.

At the end of the year just passed, there were 192 properties of all types available through the Terrace MLS listing, up from the 151 that were recorded at the end of 2018.

***************************************************************************

The pace of LNG terminal development continues to make its mark on the Kitimat realty market, though 2019 saw some reductions from the accelerated results of the year before.

At years end, 144 properties worth $63.7 million change hands in 2019 compared to the 243 properties worth $74.3 million that sold in 2018.  The median value of the 100 single-family homes sold in 2019 was $365,000. In addition, 17 half-duplexes and 6 townhouses were sold.

As 2019 came to an end, were 106 properties of all types available in the Kitimat region, down slightly from the 100 that were listed at the end of 2018.

***************************************************************************

In the Bulkley Valley, the area's largest community continued to set the mark for real estate, with Smithers number still strong, but slightly down from a year before.

2019 saw 222 sales recorded in the Smithers area for a total value of $67 million, down from the volume of 270 in 2018 which brought in $82.6 million in sales.

The median value of a single family home in Smithers for 2019 was $289,000.

The community also saw 36 parcels of vacant land, 49 homes on acreage, along with 15 manufactured homes in parks and a further 8 on land change hands during the course of 2019.

As Smithereens flipped the calendar on January 1st, there  were 123 properties of all types available in the Bulkley Valley community, down just a bit from the figures generated at the end of 2018 when 129 properties were listed.


***************************************************************************

With many of the Northern BC Real Estate Board communities in forestry dependent economies, the Board noted that housing demand was reduced in the latter half of 2019, though their forecast for 2020 is somewhat more optimistic.

A struggling BC forestry sector and an uncertain environment for global trade held back housing demand in the second half of 2019, ultimately leading to MLS® unit sales in the region covered by the BC Northern Real Estate Board to fall by 6.1 per cent compared to last year. 

However, due to a low supply of homes for sale, most northern markets saw upward pressure on home prices. Across the BC Northern board area, the MLS® average price rose by 5.1 per cent, averaging $310,548. 

While 2019 was a down year for sales, momentum is building in the northern economy from LNG and BC Hydro investments that should translate to a pick-up in housing activity in 2020.

The full review of all of the communities served by the Board can be found here.

For more notes on real estate in the Northwest see our archive page here.

To return to the most recent blog posting of the day, click here.