BCNREB March MLS Update

NORTHERN BC – The BC Northern Real Estate Board (BCNREB) reported 914 sales with a value of $237,655,394 through the Multiple Listing Service® (MLS®) in the first quarter of 2018.

This compares with 934 sales worth $250,679,200 to the end of March 2017. As of March 31st there were 3143 properties of all types available for purchase through the MLS® compared to 3591 at this time last year.

President Court Smith comments, “The mortgage stress test, that was implemented last year, appears to have had a minimal impact on most markets in the BC Northern Real Estate Board Area.

“Many areas have been impacted by the prolonged winter weather. Most markets are seeing reduced sales activity and lower inventory over the same period last year (2017). Real estate in northern BC continues to be very affordable as compared to other regions of the Province.”

In the Northern Region of the Board, in Fort St. John, the number sales have been approximately the same as they were in in 2017, though inventory is lower.

Employment opportunities with the oil and gas industry, and with the Site ‘C’ Dam; has not translated into increased market activity.

In the West, Prince Rupert’s sales and listings have dropped. The decrease in sales activity is likely linked to Petronas’ cancellation of their LNG project. Prince Rupert’s economy has been benefiting from the substantial activity at the Port.

Terrace and Kitimat have seen an increase in the number of sales and a decrease in inventory. In Smithers, there has been a decrease in the number of sales and listings. Smithers also has lower inventory year-over-year.

In the South, Williams Lake has seen a slight increase in the number of sales and a decrease in inventories available. Anecdotally, it appears that approximately half the buyers are from out of town and the other half are local residents.

100 Mile House has seen a drop in both sales and listings and the Board suspects the number of listings may not have picked up significantly after the drop caused by the 2017 wildfires. The winter months may also be affecting the sales activity. Quesnel has seen a decrease in the number of sales and listings when compared to 2017.

In Prince George, there was a decrease in the number of sales and listings while the average price of a single-family home in Prince George has increased. The sales activity was also negatively affected by the longer winter, but is expected to pick up in the Spring.

Average Selling Price (Year to Date)

MLS Reported Sales – Residential Detached House

BC NORTHERN REAL ESTATE BOARD