Property values rise in the North

The value of properties rose in the north for the first six months of the year compared to the first half of 2015.

Residential detached homes sold in the North.

The value of properties rose in the north for the first six months of the year compared to the first half of 2015.

BC Northern Real Estate Board released its interim report for the first six months, stating that 2,389 properties were sold through the Multiple Listing Service (MLS), up from 2,376 sales during the same time last year. The properties totalled $611 million in value from $601 million last year.

“With our mid-year numbers we are seeing some surprisingly bright spots throughout the northern part of the Province,” said the president of the BC Northern Real Estate Board William Lacy.

“We still have some concerns, but many areas are up over last year, which bodes well for the north having a solid year overall. Ideally, we will get a couple of announcements in the later half of the year, and those markets that rely on the bigger economic projects will get the catalyst they need.”

In Prince Rupert, 101 properties worth $28.5 million were sold through the MLS compared to 109 properties worth $24.5 million in the first half of 2015. The median price was $269,000 for the 81 single family homes that sold. It took these homes an average of 67 days to sell. There were 181 varying types of properties available for purchase through MLS as of June 30.

In comparison, in Terrace 134 properties worth $39 million were sold through MLS in the first six months of 2016, and in the same period last year the area sold 144 properties worth $35.7 million. Half of the 74 single family homes sold for less than $315,000. It took these homes an average of 77 days to sell. By the end of June there were 245 properties available for purchase through the MLS.

The Kitimat area saw 47 properties worth $14 million sold through the MLS in the first six months of 2016, and in the same period last year there were 40 properties sold worth $11 million. Half of the 33 single family homes sold for less than $350,000. It took these homes 67 days to sell on average. There were 144 properties available for purchase through the MLS by the end of June.