The sales volume and average selling prices of residential properties in Prince Rupert grew in the third quarter of 2024.
As of September this year, 126 properties worth $50.2 million changed hands in the city, compared to 115 properties worth $46.6 million by the end of September 2023 according BC Northern Real Estate Borad data. However, home sales in the broader region declined by 8.7 per cent during the same period.
"Sales in the BC Northern region in the third quarter of 2024 ticked downward following strong activity in the previous quarter," said the board's October news release.
The average price of a residential detached house in Rupert increased from $446,510 in July to $450,593 in September, which is above the northern average. The houses took 80 days to sell on average, and about 140 properties of all types are currently available through MLS in the Prince Rupert area.
In terms of the number of properties sold in the Northwest, Prince Rupert was third on the list, following Terrace, with 209 properties sold, and Kitimat, with 144 sold.
Once again, Rupert ranks sixth in the Northern region for average house prices, just as it did in the second quarter. Terrace has surpassed all other cities in the North, claiming the top spot with an average price of $525,050. It is followed closely by Prince George, with an average price of $522,541, and 100 Mile House at $520,072.
Smithers held an average price of $518,725, while Williams Lake comes in at $474,488.
The region's most affordable place to buy a house is Mackenzie, with a price of $190,722.
Market activity varied across the board; while sales in Prince Rupert, Prince George, Smithers and Terrace improved compared to the last quarter, they declined in Fort St. John, Kitimat, 100 Mile House, Quesnel, and Williams Lake.
Although specific statistics for each location are unavailable for this October, the BC Northern Real Estate Board reported that 434 homes were sold through its MLS system in the month. This figure represents a significant increase of 31.5 per cent compared to October 2023.
The average price of homes sold in October was $427,537, a slight gain from October 2023. The overall statistics in the North now show an upward curve, much like the national trend.
According to the Canadian Real Estate Association (CREA), after the Bank of Canada's third interest rate cut in 2024, national home sales saw a slight increase of 1.9 per cent in September compared to August, marking the highest level since July 2023. The rise was driven mainly by activity in Greater Vancouver, Victoria, Hamilton-Burlington, Montreal, Quebec City, and the Greater Toronto area.
