Property sales up drastically in the north

The Realtor members of the B.C. Northern Real Estate Board (BCNREB) reported 6701 property sales worth $2.4 billion in 2021 through the Multiple Listing Service, up from last year’s 5083 sales worth $1.6 billion.

The combination of near-record sales and record low inventory is driving prices to new records. Residential prices are up roughly 28 per cent since the start of the pandemic and averaged $399,615 in quarter four.

In 2021, the real estate market in the north boomed. Although it did not hit a record for sales, it came close, with sales in 2006 just 62 units higher. While new listings have remained steady throughout 2021 compared to prior years, very high sales activity drove active listings to the lowest level since records begin in 2000.

In Burns Lake, 127 properties with a value of $36.8 million sold in 2021 compared with 75 worth $14.7 million in 2020. Half of the 34 single-family homes that sold, sold for less than $199,000. In addition, 40 parcels of vacant land, 30 homes on acreage and 8 manufactured homes on land changed hands in 2021. As of Dec. 31, there were 37 properties of all types available through in the Burns Lake area, down from 60 at the end of 2020.

In Houston, 58 properties worth $15.1 million changed hands in 2021, compared to the 35 properties worth $8.2 million that sold in 2020. The median value of the 37 single-family homes sold was $235,000. As of Dec. 31, there were 26 properties of all types available in the Houston area.

In Smithers, 261 sales worth $96.8 million in 2021, compared to 252 sales worth $83.5 million in 2020. The median value of the 105 single-family homes that sold in 2021, was $400,000. 68 parcels of vacant land, 53 homes on acreage, 10 manufactured homes in parks and a further 11 on land also changed hands in 2021. At year-end, there were 51 properties of all types available in the Smithers area, compared with 78 at Dec. 31, 2020.

In Vanderhoof, 190 properties sold in 2021 were worth $51.6 million, compared with 2020’s 146 properties worth $42.7 million. Of the 64 single-family homes that sold in 2021, half sold for less than $265,000. In addition, 55 parcels of vacant land, 40 homes on acreage, 5 manufactured homes in parks and a further 8 manufactured homes on land changed hands in 2021. As of Dec. 31, there were 36 properties of all types available through MLS® in the Vanderhoof area, compared with 47 properties a year ago.

In Fort St. James, 100 properties worth $22.8 million sold in 2021, compared to 61 properties worth $11.3 million in 2020. At year-end, there were 18 properties of all types available through MLS® in the Fort St. James area, compared to 32 at the same time last year.