By Cailin Cousins / Got News Network

Northern BC economy remains strong according to BCNREB President

Oct 9, 2018 | 4:24 PM

WILLIAMS LAKE – BC Northern Real Estate Board reports 3928 properties worth $1.1 billion sold through the Multiple Listing Service® (MLS®) in the first nine months of 2018. At this time last year, 3878 properties worth $1 billion had changed hands. As of September 30th, there were 3,757 properties of all types available for sale through the MLS®, down from, 148 properties at the end of September last year.

“In the Board region overall, there was a 1.28% increase in sales and a 9.42% decrease in the number of active listings,” comments BCNREB President Court Smith. “Real estate markets are local, of course, and while many markets, such as Terrace and Kitimat, have increased sales year over year; other markets have shown a decrease in the number of sales.”

“BC Northern real estate markets overall have been steady and doing well when compared to the southern areas of the province,” Court Smith continues. “Thanks to a strong economy, most markets in the Board area have been somewhat immune to the negative effects of the mortgage stress test apparent in the lower mainland; and while tight inventories have pushed up the prices in some areas, BC Northern remains an affordable market.”

In the Southern Region of the Board,  Williams Lake has seen an increase in sales (from 348 in 2017 to 402 in 2018), and listings (from 594 in 2017 to 628 in 2018). The number of active listings decreased (from 342 in 2017 to 302 in 2018).

In 100 Mile House, the number of sales decreased just one sale (from 438 in 2017 to 437 in 2018), and the number of listings increased (from 793 in 2017 to 820 in 2018). The market has been steady. There was a decrease in the number of active listings.

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In Quesnel, the number of sales increased (from 262 in 2017 to 274 in 2018). The number of listings decreased (from 467 in 2017 to 463 in 2018), and the active listings also decreased year-over-year (from 208 in 2017 to 190 in 2018). The average price for a single-family dwelling increased (from $205,795 in 2017 to $239,869 in 2018).

Cariboo Region:

Williams Lake: 402 properties worth $96.4 million have sold in the first nine months, compared to 348 properties worth $80.7 million in the same period last year. Of the 138 single family homes sold to the end of September, half sold for less than $270,000 and these homes took, on average, 35 days to sell. In addition, 43 parcels of vacant land, 19 townhomes, 91 homes on acreage, and 42 manufactured homes in parks and a further 32 on land, have sold this year. At the end of September, there were 302 properties of all types available for purchase through MLS® in the Williams Lake area.

100 Mile House: So far, this year 437 properties worth 107.6 million have changed hands, compared to 438 properties worth $102.3 million to the end of September in 2017. Half of the 116 single family homes that have sold, sold for less than $290,000 and took, on average, 63 days to sell. In addition, 135 parcels of vacant land, 98 homes on acreage, 12 manufactured homes in parks and a further 35 manufactured homes on land, as well as 24 recreational properties have sold this year. As of September 30th, there were 459 properties of all types available for purchase through the MLS® in the 100 Mile House area.

Quesnel: To the end of September, 274 properties worth $59.7 million sold through MLS® compared to 262 properties worth $53.5 million to the end of the third quarter of 2017. Half of the 118 single family homes sold so far, this year sold for less than $231,000 and took, on average, 48 days to sell. Also changing hands this year were 28 parcels of vacant land, 70 homes on acreage, 20 manufactured homes in parks and 22 manufactured homes on land. At the end of September, there were 190 properties of all types available for purchase through the MLS® in the Quesnel area.

Average Selling Price (Year to Date)

MLSÒ Reported Sales – Residential Detached House

BC NORTHERN REAL ESTATE BOARD

Community: 100 Mile House

September 30, 2016: 254,196  |  Units: 141

September 30, 2017: 297,035  |  Units: 121

September 30, 2018: 312,713  |  Units: 116

Community: Williams Lake 

September 30, 2017: 261, 647  |  Units: 120 

September 30, 2017: 261,647  |  Units: 142 

September 30, 2018: 285,737  |  Units: 138

Community: Quesnel

September 30, 2016: 209, 255  |  Units: 109

September 30, 2017: 205,795  |  Units: 112

September 30, 2018: 239,869  |  Units: 118

Consumers are reminded that real estate is a local commodity and average price can only give an indication of trends. Contact a REALTOR® in your community to determine the value of specific properties.