The real estate boom in Prince Rupert is alive and well.
Ten more properties were sold through the first quarter (Q1) of 2016 than through the same period of 2015 in Prince Rupert, valuing $6.6 million more than last year.
A total of 47 properties were sold from January through March, compared to 37 through the same period in 2015, worth a total of $14.7 million, up from $8.1 million last year.
The average residential detached house sold was worth $293,181 and of 47 properties sold, 37 were single family residential properties and three were parcels of vacant land.
As of March 31, there were 208 properties of all types available for purchase through the Multiple Listing Service (MLS) in the Prince Rupert area.
This compares to 51 properties sold in Terrace in the same timeframe worth $15 million and 20 properties sold in Kitimat worth $5.5. million.
Overall through the BC Northern Real Estate Board (BCNREB), 859 sales were made (compared to 856 last year), with a value of $217,647,633. That figure is up from the 2015 total of $213,161,426.
“Although we are dealing with the hurdles that come from lagging oil prices in the furthest northern reaches of our board, we are still seeing steady and strong demand for this time of year when we look at the board as a whole. Once oil bounces back and a few of the large initiatives get up and running, the northern areas will be bustling with activity,” said BCNREB president William Lacy.
“As the Lower Mainland continues to heat up, there will be more of an impetus for people to move away from the higher-priced centres toward a more affordable area with an extremely high quality of life, which the northern part of the province has always provided.”
In Terrace, the average residential detached house selling price was $301,589.