The latest report from the BC Northern Real Estate Board (BCNREB) shows mixed performance in the northern region of British Columbia, with some areas experiencing increases in sales while others faced declines.
Vanderhoof and Fort St. James, saw varying levels of activity in the first quarter of 2024.
According to the BCNREB, the first quarter of 2024 saw a total of 822 sales with a combined value of $329,166,021 across the northern region. This represents an increase from the same period last year, which recorded 719 sales amounting to $266,872,956.
In Vanderhoof, 15 sales totaling $4.6 million were reported in the first quarter of 2024, compared to 21 sales worth $7.2 million in the same period last year. At the end of March, there were 68 properties available for purchase in the Vanderhoof area, up from 59 properties at the same time last year.
The Fort St. James area saw nine sales in the first quarter of 2024, totaling $1.9 million, as compared to 4 sales worth $1.2 million during the same period in the previous year. As of March 31, there were 32 properties available for purchase in the Fort St. James area, an increase from 27 properties in March of the previous year.
While some areas like Prince George, Kitimat, Smithers, Terrace, and Williams Lake experienced increases in sales from the previous quarter, others such as Prince Rupert, 100 Mile House, Fort St. John, and Quesnel saw declines.
The housing market across the BC Northern Board area remains cool, attributed to high borrowing costs and prices.
The average sale price in the BCNREB area declined by 1 per cent to approximately $404,000 in the first quarter of 2024, representing a 6 per cent decrease from its peak in the second quarter of 2020.
Additionally, the seasonally adjusted average days on market rose to 81, the highest level since 2011.
However, there is optimism for a potential recovery in sales in the upcoming months, BCNREB predicts in its report. Fixed-rate mortgage costs have decreased in recent months, with expectations of further declines as markets anticipate Bank of Canada rate cuts starting in June. These anticipated rate cuts could provide a boost to the housing market, potentially encouraging increased sales activity in the region as affordability improves.