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Smithers real estate shows modest growth in first quarter of 2024

The Smithers real estate market showed a promising start to 2024, while Hazelton sales indicate a slump since this time last year. File photo

Smithers’ real estate market has shown a promising start in the first three months of 2024, marked by a notable uptick in sales and property values.

The Northern BC Real Estate Board (NBCREB) is reporting 32 property transactions in the year’s first quarter, reflecting an increase from the 24 sales recorded during the same period last year. The total value of these transactions reached $15.7 million, up from $11.9 million in the previous year.

The properties sold included a diverse mix, catering to a variety of buyers, but the majority were 13 single-family homes, appealing to traditional homebuyers and families looking for residential stability. Additionally, there were three homes on acreage, and one manufactured home in a park.

At the close of the first quarter, there were 76 properties listed for sale in Smithers through the Multiple Listing Service, a slight decrease from the 79 properties available at the end of March 2023. This slight reduction in inventory could be contributing to the upward pressure on property prices, as demand continues to meet a constrained supply.

In contrast to the market in Smithers, the real estate landscape in the Hazelton and Hwy 37 area has seen a downturn in the first quarter of 2024. The area reported only two properties sold, totaling $322,000 in value, which is a sharp decline from the five properties worth $888,000 sold during the same period last year.

Moreover, the inventory of properties listed for sale in Hazelton remains low, with only 24 properties available through the Multiple Listing Service as of March 31. This limited supply could be contributing to the sluggish market dynamics, as potential buyers have fewer options to choose from. The current state of the Hazelton real estate market highlights the challenges faced by smaller or more remote communities, where fluctuations in market activity can be more pronounced due to various economic and demographic factors.

Across the North, the NBCREB reported 822 property sales worth $329.2 million, a rise from the previous year’s 719 sales valued at $266.9 million. Despite this increase, the market remained cool, with activity 9 per cent below the historical average and active listings at 1,901 units, insufficient for a balanced market. The average sale price decreased slightly to $404,000, and the days on market increased to 81, the highest since 2011. While some areas like Prince George and Smithers saw improved sales, others like Prince Rupert declined. Anticipated rate cuts by the Bank of Canada could lower mortgage rates, according to the NBCREB, potentially boosting sales in the coming months

About the Author: Quinn Bender

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