While some areas of the province have been affected by the slump in energy prices and overall economic lull, the Burns Lake real estate has showed an increase in activity and prices.
A total of 81 properties were sold this year up until Sept. 30 in Burns Lake area, an increase of 42 per cent compared to the 57 properties sold in the first nine months of 2014.
The average selling price for a residential detached house in Burns Lake went up - from $116,732 in September 2014 to $139,101 in September 2015 (year to date).
The B.C. Northern Real Estate Board (BCNREB) reported that a total of 3833 properties changed hands in the first nine months of 2015, down from 4195 properties during the same period last year.
“Certain areas have been hit harder, but other areas are showing increases in prices and overall activity to create for a balanced result through the third quarter of the year,” said William Lacy, Vice-President of BCNREB.
In Houston area, to the end of September, 48 properties were sold, compared with 47 properties in the same period last year. The average selling price for a residential detached house in Houston went down - from $154,452 in September 2014 to $153,792 in September 2015 (year to date).
In Smithers area, as of Sept. 30, 191 properties changed hands, compared with 211 properties in the first nine months of 2014. Half of the 88 single family homes sold so far this year, sold for less than $258,000 and these homes took, on average, 90 days to sell. The average selling price for a residential detached house in Smithers went up - from $247,271 in September 2014 to $270,602 in September 2015 (year to date).
In Vanderhoof, 88 properties changed hands in the first nine months of the year compared with 102 properties in the same time last year. Half of the 33 single family homes sold so far this year, sold for less than $205,000 and these homes took, on average, 118 days to sell. The average selling price for a residential detached house in Vanderhoof went up - from $204,495 in September 2014 to $211,250 in September 2015 (year to date).
In Fort St. James, 40 properties were reported sold to the end of September, compared to 36 properties in the same period last year. The average selling price for a residential detached house in Fort St. James went down - from $181,694 in September 2014 to $164,764 in September 2015 (year to date).
In Prince George, to the end of September, 1127 properties changed hands, compared with 1157 properties to Sept. 30, 2014. In the western part of the city the median price of the 226 homes sold this year, was $249,900. In the area east of the by-pass, the 151 single family homes that sold had a median price of $210,000. In the northern part of the city, the 165 single family homes sold had a median price of $290,000. In the southwest section of the city, the median price of the 212 single family homes sold was $345,000.
According to Lacy, with predicted increases in global activity and growth predicted for B.C. in the coming quarters, the BCNREB is looking for “a solid close to the year” and for increases to resume throughout next year.
“With potential boosts to the northern markets via large energy projects, this may be an opportunity to take advantage before the next upswing in the market,” he said.