Mid point for 2023 finds mixed results for Northwest realty with Terrace housing prices on the rise, Prince Rupert lower than 2022 levels

The latest review of Real Estate sales in Northern British Columbia highlights  a 'cooling off' for a number of communities through to the middle of 2023 with market results showing a reduced volume of sales and concerns for the market towards fall.

Though there were differing price points to be found in Terrace and to a lesser extent Kitimat, both of which are on the rise from a year ago. 

When it comes to that price point for the North Coast there continues to see some slippage  among the listings of the region, with Prince Rupert recording a decrease in the year to year purchase price from 2022. 

The North Coast city currently marking an average home price of $444,444  to the end of June.

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 June 30th the Northern BC Board observed the following:

Home sales in the BC Northern region jumped to 931 units on a seasonally adjusted basis in the second quarter of 2023, ending the downward trend that began with the start of rate hikes in Q1 of 2022. Seasonally adjusted unit sales were up 14 per cent from Q1, but are still roughly 13 per cent below the 10-year average level of sales for the region. Active listings in the North were essentially unchanged from the previous quarter at 1,714 on a seasonally adjusted basis. 

Prices, meanwhile, rose 11 per cent to $420,082 in the first quarter of the year, but were still down from a peak of roughly 431,500 in Q2 of 2022. Meanwhile, seasonally adjusted average days on market rose 7 per cent from the prior quarter to about 77.

As for the forecast for the third quarter and.beyond the BCNREB notes of some hopeful signs for the short term period ahead, but with an eye towards softening later this summer and into the fall.

After declining since the start of 2022, the BC Northern housing market rebounded in Q2 of 2023. Sales rose, while the average sale price rose in all three months of the second quarter. At the same time, average days on market continued to trend upwards and active listings trended sideways. 

The strong second quarter in the North coincided with a rebound in most other markets across the province as well. 

Despite this recovery, there is the possibility of a softer summer, as rates are likely to remain high and continue sapping demand. 

The long-predicted economic slowdown of 2023 has so far failed to materialize, but we expect a softening in the broader economy in the second half of the year, which could further weigh on housing markets.

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When it comes to the results to date to the end March.  Prince Rupert stats show that 79 properties worth $30.7 million were sold by the end of the second quarter for 2023.

That volume of sales is  down from the 115  properties worth $52.4 million from the same period one year ago.

The median price of the 47 single family homes sold was $437,500. 

On average it took 88 days to sell a home in the first six months of 2023. 

As of June 30th, there were 166 properties of all types available through MLS® in the Prince Rupert area.

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Realtors in the Terrace area sold 147 properties as of  June 30th, that is a decline from the same time one year ago when 172 properties were sold  in the first quarter.

The value of these properties to June 30th was $64.6million, compared to $70.4million of June 30th  of 2022.

Half of the  85 single family homes that sold, were sold for less than $500,000

In addition to the homes, 9 parcels of vacant land, 5 half duplexes, and 11 homes on acreages changed hands  in the first six months of 2023.

On average it took 64 days to sell a home in Terrace so far this year. 

At the end of the second quarter,  there were 192  properties of all types available for sale in the Terrace area.

   
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The Kitimat market has seen 92 properties sold to June 30th, that makes for a decline from the 104 properties of one year ago. 

The value of the transactions of properties which have been reported sold  to June was worth $54.2 million compared to $36 million one a year ago. 

Half of the 58 single family homes sold so far this year sold for less than $372,000. 

On average it took 83 days to sell a home in Kitimat this year.

  

At the end of  June there were 93 properties of all types available for sale through MLS®.

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Smithers realtors reported 72 sales by the end of June, compared to 90 a year ago, with a value of $34 million to June 30th,  down from the $46 million mark of one year ago.

Half of the 38 single family homes sold so far this year sold for less than $500,000.

On average Smithers properties have taken 62 days to sell to June. 

Other notes from the Bulkley Valley show 5 parcels of vacant land and 13 homes on acreages changing hands since the start of 2023.

At the end of  June  there were 93 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 had been among the most active markets  in terms of price increases of the communities of the Northwest, though 2023 has brought some slippage in those results. 

The North Coast features  an average property listing of today at $444,444 which makes for a decline of $23,485 from the same period one year ago.

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

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

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

Cross posted from the North Coast Review.