The BC Northern Real Estate Board (BCNREB) reported 753 sales with a value of $217,389,724 through the Multiple Listing Service (MLS) in the first quarter of 2020. This compares with 876 sales worth $257,043,507 to the end of March 2019. As of March 31st, there were 3096 properties of all types available for purchase through the MLS compared to 3130 at this time last year.
The first quarter of 2020 saw a persistent pullback in housing demand, as the B.C. forestry, mining and oil sectors continued to struggle. This led to MLS unit sales in the region covered by the BC Northern Real Estate Board to fall by 13 per cent compared to the same time last year. Despite the pullback in demand, prices increased by one per cent due to a notable decline in active listings. At the end of the first quarter, the MLS average price was $298,811 in the region. We expect MLS sales to continue to decline in the second quarter of 2020 due to the economic standstill brought on by COVID-19, which will likely also lead to significant investment projects such as LNG and BC Hydro to scale back.
“The COVID-19 pandemic continues to cause significant challenges to everyone in our society,” says BC Northern Real Estate Board’s new president, Shawna Kinsley. “Our members are committed to doing their part to ensure communities stay safe. Real estate is an essential service. Realtors are following all orders and guidance from the public health authority. The real estate board has recommended that no open houses be held during this time. Realtors are also modifying their practices around face-to-face meetings and showings. Sellers may now remain on the MLS system without the need for showings and all consumers can expect more phone or virtual meetings as well as limits on showings and new showing guidelines. We ask consumers to be patient with real estate practice changes at this time. Realtors remain committed to serving their clients and safeguarding their communities.”
Burns Lake: 4 (16) properties worth $456 thousand ($2.3 million) have changed hands since January 1st. At the end of March there were 80 (87) properties of all types available for sale through the MLS in the Burns Lake area.
Houston: 6 (11) properties worth $1.2 million ($2 million) have changed hands since January 1st. At the end of March there were 25 (27) properties of all types available for sale through the MLS® in the Houston area. Three single family dwellings sold average price $232,550
Smithers: Realtors in the Smithers area reported 43 (44) sales with a value of $12 million ($12.6 million) to March 31st, 2020. In addition to the 23 single-family homes that sold, 4 parcels of vacant land, 6 homes on acreage, and 5 manufactured homes in parks changed hands this year. At the end of the first quarter there were 122 (120) properties of all types available for purchase through the MLS in the Smithers area.
Prince Rupert: 47 (34) properties worth $15.4 million ($8.8 million) have sold through the MLS so far this year. Of those 47 properties sold, 29 were single-family residential properties and 6 were parcels of vacant land. As of March 31st, there were 104 (169) properties of all types available for purchase through the MLS in the Prince Rupert area.
Terrace: Realtors in the Terrace area sold 58 (53) properties in the first quarter of 2020. The value of these properties was $18.9 million ($16.9 million). 29 single-family homes, five manufactured homes in parks, and 2 manufactured homes on land have changed hands since January 1st. As of March 31, there were 222 (192) properties of all types available for sale in the Terrace area.
Kitimat: In the first quarter of 2020, 18 (19) properties worth $6.2 million ($6.7 million) have been reported sold. Of those 18 properties, 11 were single-family homes, 3 were half-duplexes and 2 were townhouses. At the end of March there were 113 (124) properties of all types available for sale through MLS in the Kitimat area.
Vanderhoof: Realtors in the Vanderhoof area reported 19 (30) sales worth $4.4 million ($12.2 million) in the first quarter of 2020. At the end of March there were 89 (80) properties available for purchase through the MLS in the Vanderhoof area.