The B.C. Northern Real Estate Board (BCNREB) reports that real estate sales are up in most areas of B.C. this quarter.
BCNREB president Joni Brown said, “Sales are up pretty much across the board and listing inventory is down slightly. Prices have increased some, but not drastically and show the steady and healthy trend of a stable market.”
She added, “All indicators from the economists are that Northern B.C. will maintain a healthy level of growth. Interest rates are still on the historical low end while prices remain reasonable, making it a great time for investors to build their portfolios in the real estate sector, and for homeowners to upgrade, or enter the market.”
In the Bulkley Nechako region, the BCNREB report that sales have remained consistent.
During the first six months of 2012, 32 properties worth $4.2 million were sold in the Burns Lake area, compared to 33 properties worth $3.5 million in the same time period last year.
At the end of June there was 137 properties of all types available for purchase in the local area.
Doug Phair from Remax Wrightway in Burns Lake said that listings in the local area are definitely on the increase.
“It’s a good time to sell because there is a lot of people from out of the area looking to buy,” he said.
“Spring and fall is the peak time for real estate sales as people are away on summer holidays enjoying the weather, but it is quite busy at the moment, so we are expecting a great fall this year,” he said.
According to Phair there is interest from out of town buyers because local property prices are more favourable.
“People are impressed when they come here … they are coming from urban areas like the Lower Mainland and Vancouver. Some of them without employment, just looking for a lifestyle change … this great weather we are having also helps with sales,” he added.
In Houston, 25 properties worth $4.1 million have changed hands so far this year, compared to 20 properties worth $3.3 million in 2011.
As of June 30, there was 60 properties of all types listed for sale in the Houston area.
The Smithers area reported 142 sales with a value of $35.2 million in the first six months of 2012, compared to 125 sales worth $26.2 million at this time last year.
Half of the 74 single family homes sold so far this year, sold for less than $250,000 and took, on average, 75 days to sell. As of June 30 there was 193 properties for sale in the Smithers area.
Sales have increased in the Vanderhoof area with 54 sales worth $10.7 million occurring in the first six months of the year, compared to 36 sales worth $6.8 million to June 30, 2011.
As of June 30, 2012, there was 173 properties of all types for sale in the Vanderhoof area.
Fort St. James has seen a slight decrease in property sales, with 17 properties worth $3.6 million selling in the area so far this year, compared with 22 properties worth $3.2 million in the first six months of 2011.
At the end of June there were 65 properties for sale in the Fort St. James area.
Property sales in Prince George have dramatically increased this year with 659 properties worth $154.7 million changing hands so far, compared with 592 properties worth $136.3 million in the first six months of last year. At the end of June there was 793 properties of all types available for purchase in Prince George.
