According to the B.C. Northern Real Estate Board’s latest report, less properties were sold in Burns Lake in 2016 compared to the previous year.
In 2016, 73 properties with a value of $9.8 million were sold while 105 properties worth $12.7 million were sold in 2015.
“The numbers certainly speak for themselves and clearly they are down from the previous year,” said Doug Phair, owner of RE/MAX Wrightway in Burns Lake.
Among the external factors that could’ve had an impact on Burns Lake’s real estate market in 2016, Phair mentioned that the policies of lenders have tightened, especially in the rural areas; insurance companies have raised their standards and premiums are bordering on being “cost prohibitive;” and global economic uncertainty continues to be reported by the media.
However, even though less properties were sold in Burns Lake in 2016, Phair said he believes Burns Lake’s real estate market remains “stable and constant.”
“A review of the previous 10 years of multiple listing service (MLS) sales activities shows slow but steady growth,” he said. “I remain optimistic that our area is a great place to invest.”
“This area may be affected favourably if the U.S./world/Canadian economy wobbles,” added Phair. “It’s very affordable here.”
Phair also points out that although the MLS system is a reliable source of information, not all properties that have sold appear in the report.
“Private buying and selling forms a healthy part of any local real estate market and additional research would be required to properly represent the current state of our market,” he continued. “In 2016 there was a shortage of listed inventory and the demand remained constant.”
Half of the 29 single family homes that sold in Burns Lake in 2016, sold for less than $104,034. Sixteen parcels of vacant land, 17 homes on acreage and five manufactured homes on land also changed hands in 2016.
As of Dec. 31, there were 108 properties of all types available through MLS in the Burns Lake area, down from 114 at the end of 2015.
2017 expected to be a positive year
William Lacy, president of the B.C. Northern Real Estate Board (BCNREB), said 2016 was “a mixture of really positive with some not so positive.”
“The northern areas of BCNREB were hit with the decline in demand for resources, which affects the real estate market directly,” said Lacy. “With activity picking back and a rebound in resource demand underway; 2017 looks like it will be a positive year in comparison to 2016.”
The northwest of the province had a steady year. The fourth quarter showed signs of a decrease in activity when compared to last year’s fourth quarter, but the year-end numbers showed a steady year.
“It is good to see that the boom and bust cycles have seemed to have turned into a ‘boom and hold steady’ pattern,” said Lacy.
In Houston, 50 properties worth $7.1 million changed hands in 2016, compared to the 60 properties worth $9.9 million that sold in 2015. The median value of the 23 single family homes sold was $135,000. As of Dec. 31, there were 43 properties of all types available in the Houston area.
In Smithers, 251 sales worth $56.9 million were reported in 2016, compared to 252 sales worth $65.9 million in 2015. The median value of the 103 single family homes that sold in 2016 was $250,000. At year end, there were 179 properties of all types available in the Smithers area, compared with 211 at Dec. 31, 2015.
In Vanderhoof, 108 properties worth $21 million sold in Vanderhoof in 2016, compared with 2015’s 120 properties worth $22.2 million. Of the 32 single family homes that sold in 2016, half sold for less than $185,000. As of Dec. 31, there were 90 properties of all types available through the multiple listing service (MLS) in the Vanderhoof area, compared with 103 properties a year ago.
In Fort St. James, 60 properties worth $11.6 million sold in 2016, compared to 53 properties worth $11.8 million in 2015. At year end, there were 61 properties of all types available through MLS in the Fort St. James area, compared to 58 at the same time last year.
In Prince George, 1424 properties worth $400.6 million sold in 2016, compared with 1442 properties worth $377 million in 2015. At year end, there were 487 properties of all types available through MLS compared to 481 properties at the end of 2015.
