FORT ST. JOHN, B.C. – The B.C. Northern Real Estate Board has released its year-end real estate results for 2018.
BCNREB reports 5125 property sales were worth $1.5 billion in 2018 through the Multiple Listing Service, up from last year’s 4981 sales worth $1.3 billion.
BCNREB President, Court Smith, says there was an increase in sales but a decrease in the number of active listings.
“In the Board region overall, there was a 2.89 percent increase in sales and a 10.32 percent decrease in the number of active listings. Many communities, such as Kitimat and Terrace, for example, saw increased sales year-over-year; 59 percent increase in sales for Terrace and 147.96 percent increase in sales for Kitimat. Prince George saw a 10.37 percent decrease in sales while some other markets had a slight decrease in sales.”
Smith says Northern B.C. markets may shift from a balanced market to a seller’s market, adding that the market is expected to improve in 2019.
“Market conditions in B.C. Northern tightened and may move from a balanced market to a seller’s market over time. The Northern markets have not seen the same overall negative effects of the mortgage stress test as seen in the lower mainland; although, some individual buyers have been forced out of the market by the stress test which has made it difficult for them to buy. Northern markets are expected to perform better than the markets in the southern parts of the province for 2019.”
According to the release, in Fort St. John 524 properties with a value of $203.9 million sold in 2018, up from 455 properties worth $174.2 million that sold in 2017.
The release also shows that of the 290 single-family homes sold in 2018, half sold for less than $347,500. In addition, 23 parcels of vacant land, 37 half-duplexes, 55 homes on acreage, 11 manufactured homes in Parks and a further 44 on land sold in 2018.
According to the Realtor Board, at the end of December, there were 544 properties of all types available through MLS in the Fort St. John area, down from the 662 properties at the end of 2017.