First Quarter Results for Northwest Real Estate released by BCNREB, sales volumes decline continues; but median sales results in Prince Rupert on the rise

The latest review of Real Estate sales in Northern British Columbia highlights little change through to the end of the year, with market results that indicated a  continued cooling off of the volume of sales, with Prince Rupert moving into second place in median price for the first quarter of 2023.

The price point of local homes on the North Coast continues to be elevated for most in the Northwest, with Prince Rupert once again realizing an increase in the year to year purchase price from 2022. 

The North Coast city currently marking an average home price of $501,263 to the end of March.

By comparison, Smithers has continued its hold on the top spot,  noted at $559,470 as an average, up from 2021, while Terrace has seen a decline over the last year marked  at $465,944.

From their market review through to March 31st the Northern BC Board observed the following:

Home sales in the BC Northern region declined to 788 units on a seasonally adjusted basis in the first quarter of 2023, prolonging a downward trend that began about one year ago. From the previous quarter, seasonally adjusted unit sales were down 4.3 per cent, a level roughly 27 per cent below the 10-year average level of sales for the region. 

Active listings in the North fell 1.7 per cent from the previous quarter to 1,764 on a seasonally adjusted basis, reversing a trend of rising active listings since Q1 of 2022. Prices, meanwhile, fell 5.7 per cent to $376,853 in the first quarter of the year, down from a peak of roughly 431,500 in Q2 of 2022. Prices in March were similar to the level that prevailed in April of 2021. Meanwhile, average days on market rose 20 per cent from the prior quarter to about 75. 

As for the forecast for the second quarter and. beyond the BCNREB notes of some hopeful signs for the period ahead.

Despite declining sales and prices with rising days on market, there are signs that the housing market could be beginning to turn a corner. Declining active listings indicates that sales outpaced new listings, and other areas of the province have seen rising sales and prices in recent months. Although mortgage rates remain high, the Bank of Canada has held its overnight rate steady for the second consecutive month in April. 

Meanwhile, the economy remains strong, with the provincial unemployment rate near record lows. Within this shifting economic context, BCREA forecasts sales will hit 3,500 in 2023 before rising to 4,200 in 2024. Prices are expected to average $390,000 for the year before rising to $405,000 in 2024.

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When it comes to the results to date to the end March.  Prince Rupert stats show that 27 properties worth $11.2 million were sold by the end of the first quarter for 2023.

That volume of sales is  down from the 61 properties worth $27.6 million from the same period one year ago.

Of the properties on the market in the first quarter , 18 single family homes and 4 were manufactured homes

As of March 31st, there were 132 properties of all types available through MLS® in the Prince Rupert area.

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Realtors in the Terrace area sold 48 properties as of  march 31st, that is a decline from the same time one year ago when 79 properties were sold  in the first quarter.

The value of these properties was $19.3 million, compared to $32.9 million of March 31st of 2022.

The Terrace market also saw 28 single family home properties change hands, 6 manufactured homes in parks and 2 manufactured homes on land also changed hands by the end of March.

At the end of the first quarter,  there were 184 properties of all types available for sale in the Terrace area.

   
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The Kitimat market has seen 31 properties sold to March 31st, that makes for a decline from the 46 properties of one year ago. 

The value of the transactions of properties which have been reported sold was worth $10.1 million compared to $16.2 million a year ago. 

Of the 31 homes, 20 were single family homes, 4 were half duplexes. 

  

At the end of  March there were 89 properties of all types available for sale through MLS®.

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Smithers realtors reported 24 sales by the end of March, compared to 30 a year ago, with a value of $11.9 million to March 31st,  down from the $14.9 million mark of one year ago.

10 single family homes were sold in the first quarter,  as well as 6 homes on acreage and 2 manufactured homes.

At the end of March  there were 80 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 at $501,263 which makes for a  jump of $92,816 from the same period one year ago.

Among the communities of the Northwest, Prince Rupert ranks second  in total average price,  behind Smithers but just ahead of Terrace  towards average selling prices.

The three year comparison for Northern BC communities

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

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

Cross posted from the North Coast Review.