The BC Northern Real Estate Board (BCNREB) reported 726 sales with a value of $269,369,796 through the multiple listing service in the first quarter of 2023. This compares with 1257 sales worth $495,119,149 to the end of March 2022. As of March 31, there were 2803 properties of all types available for purchase through the MLS compared to 1018 at this time last year.
Home sales in the B.C. Northern region declined to 788 units on a seasonally adjusted basis in the first quarter of 2023, prolonging a downward trend that began about one year ago. From the previous quarter, seasonally adjusted unit sales were down 4.3 per cent, a level roughly 27 per cent below the 10-year average level of sales for the region. Active listings in the North fell 1.7 per cent from the previous quarter to 1,764 on a seasonally adjusted basis, reversing a trend of rising active listings since Q1 of 2022. Prices, meanwhile, fell 5.7 per cent to $376,853 in the first quarter of the year, down from a peak of roughly 431,500 in Q2 of 2022. Prices in March were similar to the level that prevailed in April of 2021. Meanwhile, average days on market rose 20 per cent from the prior quarter to about 75.
Despite declining sales and prices with rising days on market, there are signs that the housing market could be beginning to turn a corner. Declining active listings indicates that sales outpaced new listings, and other areas of the province have seen rising sales and prices in recent months. Although mortgage rates remain high, the Bank of Canada has held its overnight rate steady for the second consecutive month in April. Meanwhile, the economy remains strong, with the provincial unemployment rate near record lows. Within this shifting economic context, BCREA forecasts sales will hit 3,500 in 2023 before rising to 4,200 in 2024. Prices are expected to average $390,000 for the year before rising to $405,000 in 2024.
Bulkley Nechako Region
Burns Lake: 11 (20) properties worth $3 million ($5 million) have changed hands since January 1st. At the end of March there were 55 (19) properties of all types available for sale through the MLS® in the Burns Lake area.
Smithers (which includes Houston): REALTORS® in the Smithers area reported 24 (30) sales with a value of $11.9 million ($14.9 million) to March 31st, 2023. In addition to the 10 single-family homes that sold, 6 homes on acreage, and 2 manufactured homes in parks changed hands this year. At the end of the first quarter there were 80 (33) properties of all types available for purchase through the MLS® in the Smithers area.
Vanderhoof: REALTORS® in the Vanderhoof area reported 21 (20) sales worth $7.2 million ($5.3 million) in the first quarter of 2023. At the end of March there were 58 (19) properties available for purchase through the MLS® in the Vanderhoof area.
Fort St. James: In the first quarter of 2023 there were 4 (17) sales worth $1.2 million ($3.6 million) in the Fort St. James area. As of March 31st, there were 28 (5) properties available on the MLS® in the area.