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 $460, 221 to the end of September.
By comparison, Smithers has continued its hold on the top spot from Terrace atop the Northwest market for median price.
Smithers is noted at $548,721 as an average down a bit from just three months ago, while Terrace is marked at $489,529 which while down slightly from June still marks an upward trend for the Skeena Valley hub city for the region from the year to year notes.
From their market review through to September 30th the Northern BC Board observed the following:
In the third quarter, sales in the BC Northern region fell to below pre-pandemic levels for the first time since the onset of the COVID-19 crisis. Within the quarter, sales fell sharply, and in September were at their lowest level since 2010 on a seasonally adjusted basis.
At the same time, active listings have jumped 16 per cent from the end of last quarter and are currently at their highest level since July of 2020.
Despite this increase in listings, active listings remain well-below balanced market levels due to the long running decline in listings since 2010. Average days on market remain near record lows, despite increasing 10 per cent from last quarter (the all-time low).
Average sale price remains high, down just 4 per cent from last quarter.
Noting of a drop in sales across northern British Columbia, the BCNREB anticipates a return to normal valuations for home prices, though observes that rising mortgage rates and financial tightening from the Bank of Canada could begin to reduce demand through the fall months for many communities.
Given that sales have fallen sharply in the North, and active listings are edging up more gradually, the combined result of these trends has been to move the Sales-to-Active-Listings ratio back towards historical norms and just shy of balanced market territory for the region.
Other indicators like average price and days on market are trending towards a softer market, but still gradually. As the Bank of Canada continues tightening, albeit at a slower pace going forward, we anticipate that mortgage rates will continue to drag on prices and sales.
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When it comes to the results to date for 2022. Prince Rupert stats show that 149 properties worth $65 million have been sold in the first nine months of the year.
When it comes to the results to date for 2022. Prince Rupert stats show that 149 properties worth $65 million have been sold in the first nine months of the year.
That volume of sales is down from the 219 properties worth $83.7 million from one year ago, making this years values at close to 20 million below the same point last year.
Of the properties from the first half of the year, 103 were single family residences that sold at an average of $452,000. On average, those selling their homes in Prince Rupert were seeing a period of close to two months to finalize a deal.
As of September 30, there were 166 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 232 properties as of September 30th, that is a decline from the same time one year ago when 297 properties were sold in the first half of 2021.
The value of these properties was $96.1 million for the third quarter, compared to $124.5 million of September 30th of 2021.
The Terrace market also saw 130 single family home properties change hands, half of which sold for less than $475,000 or less, on average it took 54 days for those homes to sell.
21 parcels of vacant land, 4 half-duplexes, and 11 homes on acreage, 15 manufactured homes in parks and 10 manufactured homes on land also changed hands in the first 9 months of the year
As of September 30, there were 198 properties of all types available for sale in the Terrace area.
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The Kitimat market has seen 167 properties sold to September 30, that makes for am increase from the 160 properties of one year ago. The value of the transactions of properties which have been reported sold was worth $58.9 million compared to $57.1 million a year ago.
Kitimat realtors reported that of that sold in the first there months, 117 were single family homes, for which half sold for less than the $359,000 mark.
18 half duplexes and 9 townhomes have sold in the Kitmat market so far this year
On average itt took 92 days for listings to sell.
At the end of September there were 134 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 nine months.
With realtors reporting 140 sales by the end of September, compared to 187 a year ago, with a value of $69 million to September 30, that makes for little change in value from the $69.3 million mark of one year ago.
Half of the 51 single family homes sold went for values below $515,000, taking on average 68 days to sell.
16 parcels of land and 34 homes on acreages as well as 15 manufactured homes in parks and 0 manufactures homes on land also changed hands by the end ofSeptember
At the end of September there were 78 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 $460,221 which makes for a near $41,236 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 higher average selling prices.
More items of note on the Housing sector can be found here.
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