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 $449,769 to the end of December.
By comparison, Smithers has continued its hold on the top spot from Terrace atop the Northwest market for median price.
Smithers is noted at $512,228 as an average, up from 2021, while Terrace is marked at $489,882 which 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:
Home sales in the BC Northern region totaled 4,250 units in 2022, a 23 per cent decline from 2021’s near record pace, but on par with the average level of sales activity over the past 10 years. That said, home sales did fade in the second half of the year as interest rates soared.
Indeed, by the fourth quarter, home sales across the BC Northern area were trending at just a 3,300 annual sale pace, setting up what should be a slow start to 2023.
Active listings in the region started the year at record low and slowly grew through 2022 as home sales slowed and listings remained on the market longer.
As a result, markets around the north returned to balance as months-of-inventory normalized from the deep sellers’ market conditions that had prevailed for much of the last two years.
The abrupt shift in market conditions spurred by rapidly rising interest rates has translated into a softening of prices from peak levels achieved earlier in the year.
By the end of 2022, the average price in the BC Northern Board area was essentially flat when comparing the fourth quarter of 2022 to the fourth quarter of 2021.
As for a forecast towards what to expect in the. year ahead, a slowing of the market is anticipated as economic forces and mortgage rates work to cool off the realty market across northern BC.
With mortgage rates expected to remain elevated, and a likely slowdown in the economy on the horizon, housing market activity across the north will remain slow in 2023.
BCREA is forecasting that home sales will decline 9 per cent in 2023 to 3,900 units. Slower sales and rising inventory will precipitate a slight decline in home prices, with the average price in the region slipping about 1 per cent over the next year.
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| Prince Rupert data from 2008-2022 |
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When it comes to the results to date to the end of the year. Prince Rupert stats show that 190 properties worth $82.8 million were sold by the end of 2022.
When it comes to the results to date to the end of the year. Prince Rupert stats show that 190 properties worth $82.8 million were sold by the end of 2022.
That volume of sales is down from the 279 properties worth $107. 6 million from 2021, making this years values 24.8 million dollars below the same point last year.
Of the properties on the market in 2022, Half of the 134 single family homes sold for less than $425,000.
Deals closed on 19 parcels of vacant land, 5 townhouses and 7 half duplexes in 2022
At years end, there were 122 properties of all types available through MLS® in the Prince Rupert area.
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Realtors in the Terrace area sold 276 properties as of December 31st, that is a decline from the same time one year ago when 395 properties were sold at years end of 2021.
The value of these properties was $115.3 million, compared to $168.8 million of December 31st of 2021.
The Terrace market also saw 157 single family home properties change hands, half of which sold for less than $475,000
22 parcels of vacant land, 15 homes on acreage, 20 manufactured homes in parks and 11 manufactured homes on land also changed hands by the end of 2022.
At years end. there were 139 properties of all types available for sale in the Terrace area.
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The Kitimat market has seen 202 properties sold to December 31, that makes for an increase from the 192 properties of one year ago.
The value of the transactions of properties which have been reported sold was worth $72.8 million compared to $68.6 million a year ago.
Kitimat realtors reported the media value of the 143 single family homes sold was $360,000.
In addition, 22 half duplexes and 11 townhomes have sold in the Kitmat market this year.
At the end of 2022 there were 87 properties of all types available for sale through MLS®.
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While Smithers continued to be one of the hottest markets in the Northwest in 2022, there was a cooling trend of note by years end.
With realtors reporting 177 sales by the end of December, compared to 222 a year ago, with a value of $85.3 million to December 31st, that makes for little change in value from the $86.6 million mark of one year ago.
The median value of the 70 single family homes that sold in 2022 was $490,000. 17 parcels of vacant land, 40 homes on acreage, 18 manufactured homes in parks and further 11 on land also changed hands in 2022.
At the end of December there were 50 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 $449,769 which makes for a jump of $23,168 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.
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| The three year comparison for Northern BC communities |
More items of note on the Housing sector can be reviewed here.
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