When it comes to the review of data record sales to the end of September, a record low inventory is along with a recovering economic picture continues to churn the market in many areas of the North and Northwest.
The economy in the north is recovering from the initial shock of COVID-19 while the construction of several large capital projects is once again underway. As a result, BC Northern Real Estate Board’s (BCNREB) residential unit sales remain elevated, although less so than during the frenetic first and second quarters of 2021.
Seasonally adjusted sales in Q3 of 2021 are roughly 30% above the level of Q4 of 2019, prior to any effects from the pandemic, but are down 14% from Q2. Active listings continued their decline in Q3, falling 6% from Q2, continuing a long-run downward trend in the number of actives which has predated the pandemic to 2015 or earlier.
The combination of near-record sales and record low inventory is driving prices to new records. Residential prices are up roughly 25% since the start of the pandemic and were up 3% from Q2 to $394,310. Average days on market rose slightly from 56 to 59 on a seasonally adjusted basis from Q2 to Q3 but are down from 77 days in the same quarter last year.
BCNREB President Sandra Hinchliffe provided for the latest update on data on sales in an information release on Tuesday, which noted of renewed optimism in the North coming out of COVID and major projects pushing the demand for housing in many communities of the region.
Towards the remainder of 2021 the BCREA notes of near all time highs for Northern British Columbia along low inventory and high demand.
Forecasting the remaining quarter of the year, the British Columbia Real Estate Association (BCREA) anticipates that BCNREB’s MLS® sales in 2021 will reach about 5,400, just short of the North’s all-time record of 5,564 sales in 2006. With extremely low inventory of available homes and continued heightened demand, prices are likely to continue rising throughout the year. As a result, BCREA forecasts that home prices will rise by close to 20 per cent in 2021.
Prince Rupert was very much in the mix when it came to that surge of property deals closing , with homes continuing with recent trends over the first nine months of the year and the number of days required to close a housing deal continuing to drop.
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When it comes to a review of the numbers for the first nine months of the year. Prince Rupert stats show a sharp increase in sales with 221 to date, compared to 168 properties a year ago. That has delivered some $84.4 million in results, compared to $54.4 million a year ago for properties that have sold through the MLS® so far this year.
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Over the course of a three year period of review, Prince Rupert has been among the most active markets in terms of price increases of the communities of the Northwest, with an average property listing of today $108,000 higher than it was in 2019. Among the communities of the Northwest, Prince Rupert is just off the pace of Terrace in total average price.
You can review the full overview for the different regions from the BCNRED here.
More items of note on the Housing sector can be found here.
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When it comes to a review of the numbers for the first nine months of the year. Prince Rupert stats show a sharp increase in sales with 221 to date, compared to 168 properties a year ago. That has delivered some $84.4 million in results, compared to $54.4 million a year ago for properties that have sold through the MLS® so far this year.
Of those 221 properties sold, 143 were single-family residential properties with a median price of $401,500.
As of September 30, there were 89 properties of all types available for purchase through the MLS® in the Prince Rupert area.
On average it took 52 days for those properties sold this year to change hands.
The ongoing heat of the market in Prince Rupert keeps the city at a pace similar to the Terrace market, which has long been the most active of the regional housing markets in recent years.
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Realtors in the Terrace area sold 305 properties in the first nine months of 2021 up from 219 of a year ago.
The value of these properties was $8124,6 million compared. to $76.1 million a year ago.
Half of the 168 single family homes that sold fetched prices less than $450,000. On average it takes 59 days to close the deal on homes in the Terrace area.
In the first nine months, 27 parcels of vacant land, 19 manufactured homes in parks and 9 manufactured homes on line, 30 homes on acreage also changed hands.
As of September 30th, there were 179 properties of all types available for sale in the Terrace area.
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Kitimat - By the end of September, the Kitimat market had seen 158 properties and increase from the 119 properties one year ago. The value of the transactions of properties which have been reported sold was worth $56.2 million compared to $37.5 million a year ago.
Half of the 96 single family home sold to September 30th had sold for less than $369,000, taking an average of 81 days to completion of the sale.
Kitimat realtors also reported that 28 half-duplexes and 13 townhomes have been sold in the District so far this year.
At the end of September there were 149 properties of all types available for sale through MLS® in the Kitimat area
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Smithers continues to see significant growth in the realty sector, the Bulkley Valley community reported 213 sales compared to 188 a year ago, with a value of $76.3 million to September 30th 2021, up from the $62 million one year ago .
Half of the 84 single family homes sold so far this year sold for less than $400,000, on average it took 51 days to sell a home in the Bulkley Valley community.
In addition to single family homes, 60 parcels of vacant land and 41 homes on acreages also changed hands in the first nine months of 2021.
Smithers realtors also noted that 9 manufactured homes in parks and 6 manufactured homes on land also were sold to date in the community
At the end of September there were 81 properties of all types available for purchase through the MLS® in the Smithers area.
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Over the course of a three year period of review, Prince Rupert has been among the most active markets in terms of price increases of the communities of the Northwest, with an average property listing of today $108,000 higher than it was in 2019. Among the communities of the Northwest, Prince Rupert is just off the pace of Terrace in total average price.
More items of note on the Housing sector can be found here.
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