Year in Review: Real Estate, Commercial development

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FORT ST. JOHN, B.C. — Trevor Bolin with RE/MAX Action Realty says he feels 2015 has been a steady year in real estate, and while it was not as strong as previous years like 2014, it will likely lead to a stronger markets in 2016 and 2017.

He told Energetic City that 2015 ended up being similar to 2009’s market, where the average sale price increased, volume decreased, and eventually brought a population increase. A similar year was had in 2001.

“It’s very much a cycle in our market. As we go out of 2015 and into 2016, and what appears to be a huge 2017,” says Trevor Bolin, remarking that 2015 has been a good year in real estate. “I think we’ll find an influx of first-time home-buyers looking get into the market with some of the product that’s out there.”

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He notes that late-spring 2016 may be a good opportunity for those first-time home-buyers to look at options that may not be available for a while.

In terms of trends and patterns, Bolin says there are ways to predict what may happen for commercial development. He says, historically, a slow down in residential will cause a boom in commercial, and thus an increase in residential.

A new retail complex which will include Esso and Burger King is on the horizon for completion in 2016 — and Bolin said there are more franchises looking to open shop in Fort St. John.

Though he didn’t get into specifics about the companies interested, he said there may be some new franchises in town for shoes and other shopping, Mexican cuisine, and pizza in the near future.

Bolin emphasized how LNG and Site C will affect the market. He believes more endeavours to come in those respective fields will attract more people to the city, and more people may end up settling here and buying a home.

“Even if three of the 21 LNG plans went forward … three out of 21 will still quadruple the production that we’ve done in our biggest years.”

One example he notes is Petronas’s long-term deal with Guanghui Energy Co Ltd in China to supply LNG, which is a good sign for the industry.

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