The average housing price has increased by more than $100,000 in Prince Rupert over the last two years, an Oct. 5 BC Northern Real Estate Board (BCNREB) news release reveals.
The average selling price for homes in the city rose from $310,155, in September 2019, to $418,985 in 2021, as of Sept. 30. In 2020, the average selling price of homes was $340,645 meaning a 22.9 per cent increase in home prices since last year.
“The combination of near-record sales and record low inventory is driving prices to new records. Residential prices are up roughly 25 per cent since the start of the pandemic,” the report states.
In all 15 northern communities listed in the report, the average selling price is $394,310.
This year, 221 properties valued at $84.4 million have sold in the Prince Rupert area compared to 168 properties worth $54.4 million at the end of September 2020. Of the 143 single-family homes sold this year, half went for less than $401,500, on average, and stayed on market for an average of 52 days.
The BCNREB reports 5,300 properties valued at $1.9 billion sold in the north through the Multiple Listing Service in the first nine month of this year. The board is forecasting sales to reach about 5,400, just shy of the north’s all-time record sales of 5,564 in 2006.
Growth in the province has been driven in part by several large non-residential construction projects in the north such as the LNG Canada export terminal in Kitimat.
See the full list of the average selling price of residential detached houses and number of units sold as of Sept. 30, 2021:
1. Terrace: $463,140, 168 units
2. Prince George: $456,173, 861 units
3. Prince Rupert: $418,985, 143 units
4. 100 Mile House: $407,608, 148 units
5. Smithers: $398,707, 84units
6. Fort St. John: $391,808, 320 units
7. Kitimat: $380,238, 96 units
8. WilliamsLake: $378,727, 182 units
9. Quesnel: $346,177, 122 units
10. Vanderhoof: $259,198, 52 units
11. Fort St. James: 252,204, 24 units
12. Houston: $250,175, 33 units
13. Fort Nelson: $202,983, 21 units
14. Burns Lake: $186,650, 26 units
15. Mackenzie: $175,937, 62 units
With files from Ben Bogstie
Norman Galimski | Journalist
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