Third Quarter Real Estate report notes of sales increase from previous review of summer

The latest review of Real Estate sales in Northern British Columbia highlights a continued cooling off' for a number of communities through to the start of fall with market results showing a reduced volume of sales and concerns for the market to continue that trend into 2024.

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 be some slippage among the listings of the region, with Prince Rupert recording a decrease in the year to year purchase price from September 2022. 

The North Coast city currently marking an average home price of $446,188  to the end of September.

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:

Sales in the BC Northern region continued to gradually recover in the third quarter of 2023, rising to 960 sales on a seasonally adjusted basis, up from this time last year but still below average for the region. Active listings remain hit 1,741 on a seasonally adjusted basis, a level which the region has been stuck at since this time last year. 

This level of active listings is below balanced market levels and also well below the level of listings that prevailed prior to the pandemic. The average price for the board hovered around $408,000 in the third quarter, a level not far from the peak of $431,000 which was hit in the second quarter of 2022. The seasonally adjusted average days on market were largely unchanged from the previous quarter at 73.

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 continued softening this fall and into 2024.

Markets around the Board region varied. Sales rose from the prior quarter in Prince George, Prince Rupert, Fort St John, 100 Mile House, and Williams Lake, while declining in Kitimat, Smithers, Terrace, and Quesnel. 

Overall, the housing market in the BC Northern Board area remains soft as high and rising interest rates have constrained affordability for buyers. With mortgage rates expected to remain high into 2024 amid softening labour markets and economic growth, sales are anticipated to remain cool into 2024.

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When it comes to the results to date to the end September.  Prince Rupert stats show that 115 properties worth $46.6 million were sold by the end of the third quarter for 2023.

That volume of sales is  still down  from a year ago when the 151  properties worth $71.1 million from had been sold.

Half of the properties sold through the third quarter brought the sellers less than $437,500.

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

As of September 30th, there were 158 properties of all types available through MLS® in the Prince Rupert area.

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Realtors in the Terrace area sold 222 properties as of September 30th, that is a slight  decline from the same time one year ago when 232 properties were sold  in the first three quarters.

The value of these properties to September 30th this year was $95.9 6million, compared to $95.6 4million of September 30 2022.

Half of the  118 single family homes that sold, were sold for less than $494,000

In addition to the homes, 13 parcels of vacant land,  22 homes on acreages, 19 manufactured homes in parks and 21 manufactured homes on land changed hands  in the first six months of 2023.

On average it took 58 days to sell a home in Terrace so far this year. 

At the end of the Third quarter,  there were 187  properties of all types available for sale in the Terrace area.

   
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The Kitimat market has seen 148 properties sold to September 30th, that makes for a decline from the 167 properties of one year ago. 

The value of the transactions of properties which have been reported sold  to September was worth $73.6 million compared to $58.9 million one a year ago. 

Half of the 92 single family homes sold so far this year sold for less than $375,000.

22 half duplexes and 18 town homes have also been sold this year   

On average it took 71 days to sell a home in Kitimat this year.

  

At the end of  September there were 115 properties of all types available for sale through MLS®.

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Smithers realtors reported 124 sales by the end of September, compared to 138 a year ago, with a value of $61.5 million to September 30th,  down from the $66.4 million mark of one year ago.

Half of the 60 single family homes sold so far this year sold for less than $500,000.

On average Smithers properties have taken 70 days to sell to June. 

Other notes from the Bulkley Valley show 8 parcels of vacant land and 34 homes on acreages, 6 manufactured homes in parks and 5 manufactured homes on land having changed hands since the start of 2023.

At the end of  September  there were 84 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 $444,188 which makes for a decline of $14,223 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.