NORTHERN HOUSING MARKETS CONTINUE TO HEAT UP THANKS TO INCREASED RESOURCE DEVELOPMENT

Dated: December 15 2018

Views: 14

NORTHERN HOUSING MARKETS CONTINUE TO HEAT UP THANKS TO INCREASED RESOURCE DEVELOPMENT


Northern BC continues to be the one corner of the province outpacing the rest when it comes to housing.

According to the BC Real Estate Association, the number of residential unit sales rose over 12% in November compared to the same time last year.

Deputy Chief Economist, Brendon Ogmundson believes the north will continue to be a hot market in the foreseeable future following the recent investments around LNG.

“We think that prices are probably going to rise about 10% in 2019 and then possibly again in 2020 as well because of all of the job creation, economic benefit and the migration into the area at a time when supply is pretty low.”

Unlike the rest of the province where sales are down 33% in November, the north continues to buck the trend.

Ogmundson says there are two reasons why the north is in better shape.

“Sales are actually up 12% so kind of bucking that provincial trend and prices are up 11.5% as the demand is outpacing the supply.”

Northern residents are also benefitting from another factor.

“The mortgage stress test isn’t having as much of an impact in areas of the province that aren’t really as high priced so if we look at places like Vancouver they are struggling a lot more whereas places like the north is a lot more affordable.”

Over 340 residential unit sales were recorded in Northern BC during the month of November.

The average home price in BC was $719,000 last month.

Blog author image

Steven Axford

Steve is a award winning Realtor in Victoria BC, with his listings selling faster and for top dollar! Growing up in Victoria, BC and has always been active in his community. Steve is a Victoria Couga....

Latest Blog Posts

´╗┐The 2021 Victoria real estate market year in review

The 2021 Victoria real estate market year in reviewA total of 438 properties sold in the Victoria Real Estate Board region this December, 30.6 per cent fewer than the 631 properties sold in December

Read More

No change on the horizon for the Victoria real estate market

December 1, 2021  A total of 653 properties sold in the Victoria Real Estate Board region this November, 17.9 per cent fewer than the 795 properties sold in November 2020 and 12.3 per cent

Read More

A greater commitment to development required to balance local housing market

October 1, 2021  A total of 761 properties sold in the Victoria Real Estate Board region this September, 23.1 per cent fewer than the 989 properties sold in September 2020 and 8.4 per cent

Read More

CMHC says annual pace of housing starts in Canada slowed in July

OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in July fell compared with June.The national housing agency says the annual pace of starts fell to 272

Read More