In the first quarter of 2018, more houses are listed for sale than the same time in 2017. (Pixabay)

Prince Rupert housing market drops in first quarter

As of March 31, 2018, both sales and listings had dropped in Rupert

The numbers are in from the first quarter of 2018, and the housing market in Prince Rupert continues to drop.

The BC Northern Real Estate Board compared how many properties were sold last month and how much they went for at the end of March in 2017.

Both the sales and listings for Prince Rupert have dropped, stated the real estate board’s press release. Forty-eight properties have sold so far in Prince Rupert in 2018 — 10 less than this time last year. Of those sales this year, eight were vacant parcels of land. At the end of March, 185 properties in Rupert were listed, compared to 170 listed on March 31, 2017.

READ MORE: Canadian home sales plunge 22.7% in March

“The decrease in sales activity is likely linked to Petronas’ cancellation of their LNG project. Prince Rupert’s economy has been benefiting from the substantial activity at the port,” the release stated.

Meanwhile, more homes in Terrace and Kitimat are being sold, while fewer are listed on the market.

Nationally, the number of houses sold last month also declined — by 22.7 per cent, according to the Canadian Real Estate Association. Meanwhile, the price of the homes that were sold is 10.4 per cent less on average across the country to the previous March.

At the beginning of 2018, the market value of homes in Prince Rupert had risen by 5.9 per cent from the year before.

READ MORE: Home value on the rise in Rupert



keili.bartlett@thenorthernview.com

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