Shown is a graph for the BC northern area. (BCREA data)

Low supply of homes in the north cause an upward trend on prices

BC Northern Real Estate Board says struggling forestry industry held back housing demand in the latter half of 2019

In 2019, a struggling forestry industry and an uncertain environment for global trade held back housing demand in the second half of 2019, report the Realtor members of the BC Northern Real Estate Board (BCNREB).

In a Jan. 13 news release by the BCNREB, they reported 4748 property sales worth $1.5 billion in 2019 through the Multiple Listing Service (MLS), down from 2018.

Due to a low supply of homes for sale, most northern markets saw upward pressure on home prices.

“While 2019 was a down year for sales, momentum is building in the northern economy from LNG and BC Hydro investments that should translate to a pick-up in housing activity by 2020,” stated the release.

READ MORE: Vanderhoof sees a two percent increase in assessed property values

In Vanderhoof, there were 120 properties sold in 2019, worth $31.3 million, compared with 2018’s 121 properties worth $25.2 million.

There were 48 single-family homes sold in 2019, and half of those, sold for less than $229,000. Additionally, 19 parcels of vacant land, 28 homes on acreage, four manufactured homes in parks and a further ten manufactured homes on land, changed hands in 2019.

As of Dec. 31, there were 81 properties of all types available through the MLS in Vanderhoof, compared to the 61 properties a year ago.

In Fort St. James, sixty-one properties worth $9.9 million sold in 2019, compared to 48 properties worth $9.7 million in 2018. At the end of the year, there were 63 properties available through MLS in Fort St. James area compared to 59 at the same time last year.

Other regions in Bulkley-Nechako

Houston: 52 properties worth $10.5 million changed hands in 2019, compared to the 42 properties worth $7.8 million that sold in 2018. The median value of the 36 single-family homes sold was $167,750. As of December 31st, there were 16 properties of all types available in the Houston area.

Smithers: There were 222 reported sales worth $67 million in 2019, compared to 270 sales worth $82.6 million in 2018. The median value of the 93 single-family homes that sold in 2019, was $289,000. 36 parcels of vacant land, 49 homes on acreage, 15 manufactured homes in parks and a further 8 on land also changed hands in 2019. At year-end, there were 123 properties of all types available in the Smithers area, compared with 129 at December 31st, 2018.

Burns Lake: 84 properties with a value of $13.9 million sold in 2019 compared with 81 worth $12.5 million in 2018. Half of the 35 single-family homes that sold, sold for less than $155,000. 15 parcels of vacant land, 19 homes on acreage and 9 manufactured homes on land also changed hands in 2019. As of December 31st, there were 78 properties of all types available through MLS in the Burns Lake area, down from 87 at the end of 2018.

Aman Parhar
Editor, Vanderhoof Omineca Express

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