Home sales in Northern British Columbia demonstrated stability in August, with a slight increase in single-family home transactions compared to the previous year. Despite broader economic uncertainties, the region's real estate market has remained robust, performing in line with its 10-year average.
According to the BC Real Estate Association, 406 single-family homes were sold in Northern BC last month, marking a five-unit increase from August of the prior year. Year-to-date sales are up 2.8% compared to the previous year. The region has largely maintained its 10-year average of approximately 4,100 sales, even experiencing an uptick in recent months.
Economist Amrit Sidhu noted that the Northern BC region is performing well despite economic challenges, including those stemming from international trade disputes. Initially, more affordable markets like the north and the Kootenays showed resistance to broader economic pressures. As market uncertainty subsided and economic factors were more fully priced in, more expensive areas, including the interior and Vancouver Island regions, began to recover.
Industry experts anticipate a surge in home sales during the fall season, coinciding with children returning to school and the end of summer. Historically, the strongest sales months have been October, November, and December on a seasonally adjusted basis. Coupled with expectations of a potential interest rate cut by the Bank of Canada, these factors are expected to stimulate economic and sales activity.
The average house price in Northern BC during August was $451,452, representing a 2% increase from the previous year. In Prince George specifically, the average home price stood at approximately $542,246. Across British Columbia, total residential unit sales in August increased by 0.5% year-over-year, reaching 5,961 units. However, the average residential price in the province saw a slight decrease of 1.4% to $926,335 from $939,376 in the same month last year.