Wednesday, April 10, 2024

First Quarter Real Estate Results show increase in sales, but slight decline in returns from those sales from a year ago for Prince Rupert

The first  review of Real Estate sales for 2024 in Northern British Columbia highlights a continued cooling period that marked much of the last year for a number of communities, where sales declined as mortgage rates began their rise, and some economic uncertainty for the region settled in. 

There were differing price points to be found around the region, with the Terrace region reclaiming its place as the most active market place in the region, featuring larger sales and the highest price point for buyers and sellers.

When it comes to that price point for the North Coast there continues to be some slippage among the listings of the region, with Prince Rupert recording a slight decrease in the year to year purchase price the first quarter of 2024 compared to 2023. 

The North Coast city currently marking an average home price of $412,477  to the end of March. 2024.

The full comparison for all communities across BCNREB region can be reviewed from the chart at the bottom of this article.

From their market review through to March 30th the Northern BC Board observed the following: 

Sales in the BC Northern region remained cool in the first quarter of 2024, with sales activity below the seasonal average for the region during most of the period. At 897 sales on a seasonally adjusted basis, housing market activity in the quarter was about 9 per cent below its historical average. 

Seasonally adjusted active listings continue to trend upwards, with 1,901 units at the end of March of 2024. The current level of active listings, however, remains well short of the level needed for the market to be balanced if sales return to their historical norms. 

The average sale price in the board area declined by 1 per cent to roughly $404,000 in the quarter, which is about 6 per cent from its peak in the second quarter of 2020. The seasonally adjusted average days on market rose to 81, the highest level since 2011.

Towards what's ahead for the Spring and Summer of 2024, the Board notes of hopeful news on mortgage rates that should spur on a recovery.

Markets around the Board region varied. Seasonally adjusted sales rose from the prior quarter in Prince George, Kitimat, Smithers, Terrace, and Williams Lake, while declining in Prince Rupert, 100 Mile House, Fort St John, and Quesnel. Overall, the housing market in the BC Northern Board area remains cool amid high borrowing costs and prices. 

However, fixed-rate mortgage costs have declined substantially in recent months as markets price in Bank of Canada rate cuts that are expected to begin in June. As these expectations become certainties, mortgage rates may fall somewhat further, providing a tailwind for sales in the region and encouraging a recovery in sales in the spring.


When it comes to the results to date since the start of 2024  Prince Rupert stats show that 34 properties have change hands since January 1st. That made for 11 million dollars in sales for the first three months

That volume of sales makes for an increase from a year ago when the 27 properties  had been sold though the total value one year ago was slightly higher at 11.2 Million dollars.

Of the 34 properties sold, 22 were single family residential properties, 2 were manufactured homes on land.

As of March 31st, there were 145 properties of all types available through MLS® in the Prince Rupert area, that's an increase from the 134 that were noted at the same time last year.


Realtors in the Terrace area have sold 61 properties in the first three months of the year , that is an increase from the same time one year ago when 48  properties had been sold in the same time period.

The value of these properties to March 31st this year was $28.3 million, compared to $19.3 million to the end of March 2023.

32 single family homes, 4 manufactured homes in parks and 5 manufactured homes on land have changed hands since Janaury1 st 

As of the end of March there were 138  properties of all types available for sale in the Terrace area, that's a drop by 57 in the volume of available housing from the same period in 2023.

The Kitimat market has seen 36 properties sold to the end of March, that makes for a slight increase from the 21 properties noted this time last year.

The value of the transactions of properties which have been reported sold  to March 31st  was worth $12.9 million compared to $10.1 million one a year ago. 

Of the 36 properties sold, 27 were single family homes and 3 were half duplexes. 

At the end of  March  there were 105 properties of all types available for sale through MLS®. That amount is up from 94 of March 2023.


Smithers realtors reported 32  sales by the end of March, compared to 24  a year ago, with a value of $15.7 million to the end of the first quarter,  up in value  from the $11.9 million mark realized one year ago.

From the sales to March, 13 were family single family homes, 3 were homes on acreage, and 1 manufactured home in a park has changed hands in the first three months of 2024.

At the end of  March   there were 76 properties of all types available for purchase through the MLS®. That's a slight decline  from the 79 noted at March 31,2023.


Over the course of the most recent three year period of review, Prince Rupert had been among the most active markets  in terms of price increases of the communities of the Northwest, though then end of 2023 and into 2024 has brought some slippage in those results. 

The North Coast features  an average property listing of today at $412,477 which makes for a significant decline of $88,786 from the same period one year ago.

Among the communities of the Northwest, Prince Rupert continues to rank third  in total average price,  behind Smithers and Terrace.

You can review the full overview for the different regions from the BCNREB here

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

No comments:

Post a Comment