The BC Northern Real Estate Board is reporting a drop in sales in the first quarter of 2022 with 1,041 sales made with a value of $448,840,650 through the Multiple Listing Service, a drop from 1,526 sales worth $500,991,790 for the first three months of last year.
The board says housing markets across the north started 2022 with sales trending about 25 per cent above long-term average levels, suggesting a potentially strong year.
The region, according to the real estate board, is suffering from an extremely low supply of housing, which means continued upward pressure on prices.
In Kitimat in the first quarter of 2022, 41 properties worth $15 million were sold. Of the 41 properties, 33 were single-family homes, three were half-duplexes and two were homes on acreage. By the end of March there were 100 properties of all types available in the Kitimat area.
In Terrace, there were 72 properties sold in the first quarter of 2022. The value of the units sold was $34.3 million. Of the properties sold, 41 were single-family homes, three manufactured homes in parks and three manufactured homes on land. There were 122 properties of all types available on the market as of March 31.
Smithers reported 32 sales with a value of $14.9 million as of March 31. There were nine single-family homes sold, six homes on acreage and six manufactured homes in parks.
By the end of the first quarter there were 51 properties of all types available in the Smithers area.
Prince Rupert reported 52 properties changing hands worth $25.9 million. Of the properties sold, 37 were single-family residential properties and two were parcels of vacant land. There were 62 properties of all types available for purchase as of March 31 in Prince Rupert.
Prince George has the highest average selling price for a residential-detached house valued at $519,979 while Quesnel has the lowest at $352,761. Terrace was not far behind the top spot recording the second-highest price in the north valued at $482,701. Kitimat’s average home price was $375,068 the second-lowest average price across the north.
The average day a property was on the market remained flat across the north at 62 on a seasonally adjusted basis but it is up from 56 in the same quarter last year.