On June 30, Prince Rupert ranked sixth in northern B.C. for average house price according to the latest data from the B.C. Northern Real Estate Board.
At the end of the first half of the year, 100 Mile House has moved to the top of the list with an average selling price for a residential detached home at $542,383.
The Prince Rupert stats, which include Port Edward, indicate an average selling price of $446,510. This figure represents only a slight increase from June 2023’s average which was $444,444.
In Prince Rupert and Port Edward, MLS reports indicate 82 properties have been sold this year, totalling $32.4 million in transactions. This is a small rise from the 79 properties worth $30.7 million during the same period last year.
“The Bank of Canada rate announcement on July 24 will have an impact on the market. If the rate drops, so will mortgage rates, which could encourage home buyers to enter or re-enter the market,” said Nikki Morse, Realtor, RE/MAX Coast Mountains in Prince Rupert.
The median price of the 56 single-family homes sold in June was $465,750. On average, it took these homes 90 days on the market to sell.
As of June 30, there were 154 properties of various types available for purchase in the Rupert region.
100 Mile House, which went from $479,419 in June 2023 to $542,383 last month, was followed by Prince George in second place at $519,425 and Terrace at $519,352.
Smithers and Williams Lake also made it to the top five with averages of $497,332 and $472,978 respectively.
The highest number of transactions happened in the City of Prince George where 641 properties worth $306.1 million changed hands, compared with 545 properties worth $254 million in the first six months of last year.
Overall, the northern B.C. region noted a record-high home average of $451,623, which is a 4.5 per cent increase from June 2023.
However the total number of units sold in June was 427, only four more than June 2023 according to the Canadian Real Estate Association.
The CREA noted that home sales nationally are 7.3 per cent below the five-year average and 10.3 per cent below the 10-year average for the month of June.
