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An active Northern real estate market boosts sales

The B.C. Northern Real Estate Board say 22 Burns Lake area properties have changed hands since Jan. 1 2012.
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An increase in buyers looking to purchase in the local area is keeping real estate agents busy.

According to the B.C. Northern Real Estate Board (BCNREB), 22 Burns Lake area properties worth $2.8 million have changed hands since Jan. 1 2012.

During the same time period last year 12 properties worth a combined total of $1.3 million changed hands in the local area.

At the end of March there was 104 properties of all types available for sale through the MLS in the  area. This compares with 108 properties for sale during the same period last year.

The B.C. Northern Real Estate Board also say the average selling price of homes in the Burns Lake area has increased since 2010. As of March 31, 2010, the average selling price of local homes was $95,150, however the average selling price as of March 31, 2011, was $128,785 and as of March 31, 2012, the average selling price increased to $147,032.

Doug Phair, a sales representative from Remax Wrightway in Burns Lake said, "The real estate market in Burns Lake has been a little more active than usual, surprisingly with people looking to buy. After the Babine Forest Products tragedy we didn't get inundated with people wanting to sell their homes as we thought we might so this is really positive."

Phair said he attributes the increases in the average selling prices of homes over the last two years to the sales of higher end properties, rather than increased property values.

"The property market in Burns Lake is encouraging. While we are not inundated with buyers, we are not noticing a slow down either," he said.

BCNREB say there was 1,002 sales through the Multiple Listing Service® across the North during the first quarter of 2012, with a value of more than $220 million. This compares with 826 sales worth nearly $175 million to the end of March 2011.

“There is positive news for both buyers and sellers in the Northern market," said board president Joni Brown.

“A healthy increase in sales in most areas has resulted in lower inventory of properties, which is good news for sellers. At the same time, buyers still have the benefit of historically low interest rates, suggesting that it is a good time either to enter the market or to upgrade,” she said.

As of March 31, 2012, 65 homes in the Smithers area with a combined value of $14.9 million sold. This is up from 42 sales with a combined value of $8.8 million during the same time period last year.

In Vanderhoof there was 17 sales worth $4 million in the first quarter of 2012, this is a slight decrease, from 19 sales worth $3.5 million during the same time period last year.

Sales in Fort St. James also decreased during the first quarter of 2012 with four sales worth $1.1 million reported. During the same time period last year there was 12 sales worth $1.3 million.

The BCNREB say sales in Price George are up this quarter with 256 properties of all types, worth $58.6 million changing hands. This is up from 236 properties worth $54.6 million changing hands during the same period last year.