Regional disparities are starting to emerge on the topic of housing market activity in BC.
Chief Economist, Brendon Ogmundson told Vista Radio the drop in interest rates haven’t quite taken hold yet in major areas like Vancouver, however, the north has fared quite well.
“Sales in those markets (Vancouver) are 25% below what is normal. The north on the other hand has had a pretty decent year. For most of the year, the north was running sales that were about average but that is what you expect for this time of year.”
But, Ogmundson expects the trend to balance out sooner than later.
“I think we are starting to see some of it correct. Vancouver is having a pretty strong October – markets like Vancouver Island, the North and, the Kootenays have all had the recovery we were expecting to happen in the second half.”
In September, 315 unit sales were recorded in our region, a year-over-year decline of nearly 9%.
In addition, the north saw 2,127 active listings last month, a spike of 3.4% when compared to September of 2023.
“The north is one of those markets where it’s really hard especially, with newer sources of demand. We see most of the activity in Williams Lake, Quesnel and, Prince George. It is really a lot of people that were looking to move to the Interior, which got very expensive so the north is getting a lot of that demand.”
The average residential price in the region is up 8% over the past year, reaching $430,734 – Prince George remains a little bit higher at $522,000.
BC’s average home price in September was $942,969, a 3% decline when compared to 12 months earlier.
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