Despite the challenges presented by COVID , 2020 in BC was a strong year for Real Estate Sales in Prince Rupert

The year end results provided by the Northern BC Real Estate Board show that Prince Rupert and other communities in the Northwest had a strong year for Sales with the Prince Rupert numbers up from 2019 levels.

The report released on Monday covers all of the regions under the Northern BC Real Estate jurisdiction.

The organization's President Shawna Kinsley took note of the recovery that the realty market saw in the second half of 2020, delivering growth of 4.2 percent over the challenges of the year.

“MLS® home sales in 2020 made an exceptional recovery from the pandemic-induced pullback during the first half of the year. The surge in sales in the second half of 2020 was aided by pent-up demand from spring sales that were put on hold, record-low mortgage rates, and historically high savings rates that likely fast-tracked down payments. 

As they look ahead province wide,  the British Columbia Real Estate Association (BCREA) expects continued momentum going into the new year with the help of record-low mortgage rates and demand for larger homes. Sales will be bounded by the low level of supply in the market, which will place considerable pressure on prices until active listings pick-up. 

It is expected that 2021 MLS® home sales will build on momentum gained in 2020 and rise 12 per cent to 4,800 units. The MLS® average home price for the BC Northern board area is forecast to rise 5 per cent to $350,000.

When it comes to a review of the numbers for 2020, the Northwest region has kept a strong pace of sales, while finding a reduction in the number of homes currently listed compared to a year ago.

Prince Rupert had 229 properties worth $72.9 million reported sold through MLS to the end of December, that compares to 201 properties worth $59 million at the end of 2019.

Half of the 158 single-family homes sold in 2020 sold for less than $347,000. In addition, 24 parcels of vacant land, 8 townhouses and 16 half-duplexes sold in 2020. 

At year-end, there were 80 properties of all types available through MLS® in the Prince Rupert area, down from the 108 properties at the same time last year.

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In the Terrace area 318 properties sold in 2020 worth $114.1 million, compared with 2019’s 282 properties worth $95.4 million. 

Of the 163 single-family homes that changed hands, half sold for less than $390,000. In addition, 26 parcels of vacant land, 45 homes on acreage, 32 manufactured homes in parks and a further 13 on land sold in 2020. 

As of December 31st, there were 154 properties of all types available through MLS® in the Terrace area, down from the 192 properties available at December 31st, 2019.  

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Kitimat realty also has seen a jump in sales compared to the year before.

166 properties worth $52.6 million changed hands in 2020 compared to the 144 properties worth $63.7 million that sold in 2019. 

The median value of the 118 single-family homes sold in 2020 was $327,500. 

In addition, 19 half-duplexes and 19 townhouses were sold. 

At year-end, there were 106 properties of all types available in the Kitimat area, which was unchanged from 106 at December 31st, 2019.

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Smithers realtors also saw some increased movement in 2020 compared to a year ago.

By years end 252 sales had been recorded worth $83.5 million in 2020, compared to 222 sales worth $67 million in 2019. 

The median value of the 96 single-family homes that sold in 2020, was $371,000. 44 parcels of vacant land, 49 homes on acreage, 21 manufactured homes in parks and a further 16 on land also changed hands in 2020. 

At year-end, there were 78 properties of all types available in the Smithers area, compared with 123 at December 31st, 2019.

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Over the course of a three year period of review, Prince Rupert has seen some of the strongest results across the Northwest, though Terrace continues to set the pace for communities from the results compiled by the BCNREB

You can review the full overview for the five differed regions for the BCNREB here. 

More items of note on the Housing sector can be found here.