The BC Northern Real Estate Board (BCNREB) has reported an uptick in property sales and values in the first six months of 2024 compared to the same period last year.
In the Bulkley Nechako region, the real estate market has shown mixed trends in 2024. Overall, while Vanderhoof saw a slight decline in sales volume, Fort St. James experienced a notable increase in both the number of properties sold and their total value.
According to the latest data from BCNREB, a total of 2,286 properties were sold through the Multiple Listing Service(MLS) in the region, marking a significant rise from the sales reported in the first half of 2023.
The total value of these properties reached $939.6 million, up from $826.7 million in the corresponding period of 2023.
Active listings also showed an increase, with 3,682 properties of all types available for purchase through the MLS as of June 30, 2024, up from 3,546 listings at the same time last year.
In the second quarter of 2024, the BC Northern region witnessed its highest level of sales since Q2 of 2022. On a seasonally adjusted basis, housing market activity remained strong with 1,021 sales, just 3 per cent below the historical average level for the quarter. Despite the active market, seasonally adjusted active listings slightly decreased, with 1,794 units available by the end of June 2024, approximately 15 per cent below the level considered balanced for the market.
The average sale price in the BC Northern board area reached a new record of $434,000 in the second quarter, up 7 per cent from the previous quarter and surpassing the previous record set in Q2 of 2022. Additionally, the average days on market decreased to 68 days from 72 days in Q1 of 2024, indicating a brisk pace of transactions.
Realtors in Vanderhoof reported 54 sales totalling $18.2 million in the first six months of 2024, compared to 48 sales amounting to $21.3 million in the same period of 2023. Currently, there are 110 properties available for purchase in Vanderhoof.
In Fort St. James, 27 properties worth $7.4 million have been sold so far in 2024, up from 15 properties worth $3.3 million in the first half of 2023. As of June, there were 47 properties available for purchase in Fort St. James.
Burns Lake realtors reported 26 properties sold totalling $7.7 million in the first half of 2024, compared to 23 properties worth $6.4 million in the same period last year. As of June, there were 86 properties available for purchase in Burns Lake.
In Houston a total of 28 properties worth $8.2 million changed hands in 2024, up from 22 properties valued at $5.5 million in 2023. Currently, there are 38 properties available for purchase in Houston.
Realtors in Smithers reported 89 sales amounting to $43.5 million in the first half of 2024, compared to 72 sales worth $34 million in the same period last year. The market includes a mix of property types, with 72 properties available for purchase as of June.
Overall, the report suggests that the housing market in the BC Northern Board tightened somewhat from the prior quarter, with sales up, listings down, and prices setting a slight record. But the market is still not hot, and the sales-to-active listings ratio is in balanced territory. The Bank of Canada cut its policy rate for the first time since 2020 last quarter, and buyers may enter the market in greater numbers if the Bank continues to cut into the summer and fall as is widely anticipated.
