The price point of local homes on the North Coast continues to be elevated for most in the Northwest, with Prince Rupert realizing an increase in the year to year purchase price from 2021.
The North Coast city currently marking an average home price of $465,674 to the end of June.
By comparison, Smithers has claimed the top spot from Terrace atop the Northwest market for median price.
Smithers is noted at $570,040 as an average, while Terrace is marked at $492,969 which continues an upward trend for the Skeena Valley hub city for the region.
From their market review through to June 30th the Northern BC Board observed the following:
Although residential unit sales in the north are at their lowest level since the start of the post-pandemic boom, they remain elevated relative to historical averages. Seasonally adjusted sales in Q2 of 2022 are roughly 23 per cent above the level of Q4 of 2019, prior to any effects from the pandemic, but are down 14 per cent from the prior quarter.
Seasonally adjusted active listings rose substantially for the first time since Q2 of 2019, increasing 20% from the prior quarter and largely erasing the losses over the past year. It was the largest quarterly increase since Q1 of 2016. While average sale prices have eased in recent months, they are still up 6% from the prior quarter hitting $431,544.
Seasonally adjusted average days on market fell to 51 from 59 last quarter. With falling sales and rising active listings, the sales-to-active-listings ratio has improved in recent months and is approaching balanced market levels.
Noting of a rising supply of homes across northern British Columbia, the BCNREB anticipates a more balanced approach for home prices, though observes that rising mortgage rates and financial tightening from the Bank of Canada could begin to reduce demand through the summer months for many communities.
Although sales in the north have been falling in recent months, total sales in the first half of 2022 are still about 23 per cent above the pre-pandemic long-run average. While supply is rising, the sales-to-active-listings ratio is only beginning to approach a more balanced level in the latest monthly data.
We expect that in the second half of the year tightening by the Bank of Canada and heightened mortgage rates will continue to temper demand, softening prices and sales.
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When it comes to the results to date for 2022. Prince Rupert stats show that 119 properties worth $53.3 million have been sold in the first six months of the year.
When it comes to the results to date for 2022. Prince Rupert stats show that 119 properties worth $53.3 million have been sold in the first six months of the year.
That volume of sales is down from the 166 properties worth $63.3 million from one year ago, making this years values at ten million below the same point last year.
Of the properties from the first half of the year, 80 were single family residences that sold at an average of $445,000. On average, those selling their homes in Prince Rupert were seeing period of close to two months to finalize a deal.
As of June 30, there were 125 properties of all types available for purchase through the MLS® in the Prince Rupert area.
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Realtors in the Terrace area sold 172 properties as of June 30th, that is a decline from the same time one year ago when 190 properties were sold in the first half of 2021.
The value of these properties was $70.6 million for the first quarter, compared to $80.7 million of June 30th of 2021.
The Terrace market also saw 94 single family home properties change hands, half of which sold for less than $476,500, on average it took 57 days for those homes to sell.
14 parcels of vacant land, 4 half-duplexes, and 8 homes on acreage changed hands in the first 6 months of the year
As of June 30, there were 177 properties of all types available for sale in the Terrace area.
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The Kitimat market has seen 105 properties sold to June 30, that makes for a decrease from the 121 properties of one year ago. The value of the transactions of properties which have been reported sold was worth $36.4 million compared to $44 million a year ago.
Kitimat realtors reported that of that sold in the first there months, 70 were single family homes, for which half sold for less than the $357,250 mark. It took 104 days for those to tell.
At the end of June there were 143 properties of all types available for sale through MLS®.
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Smithers continued to be one of the hottest markets in the Northwest over the last six months.
With realtors reporting 90 sales by the end of June, compared to 118 a year ago, with a value of $46 million to June 20, an increase in value from the $41 million mark of one year ago.
Half of the 35 single family homes sold went for values below $515,000, taking on average 80 days to sell.
11parcels of land and 19 homes on acreages also changed hands by the end of June.
At the end of June there were 76 properties of all types available for purchase through the MLS®.
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Over the course of the most recent 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.
The North Coast features an average property listing of today $456,674. which makes for a near $60,000 jump from the same period one year ago.
Among the communities of the Northwest, Prince Rupert ranks third in total average price, with both Terrace and Smithers holding slightly higher average selling prices.
More items of note on the Housing sector can be found here.
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