The city's real estate market enjoyed a rebound in 2011 following a three-year slide, numbers from the B.C. Northern Real Estate Board (BCNREB) are showing.
Over the course of the year, 823 single-family homes sold for an average $246,484 each, adding up to $202.9 million of activity, compared to $186.2 million over 2010. In 2007, sales peaked at $260.2 million and then declined for the next three years.
BCNREB vice president Joni Brown characterized the market as healthy and stable.
"Whether it went a little bit up or a little bit down, we weren't expecting anything dramatic on either end," she said. "It's a really an excellent time for people to be investing and getting into the market."
In 2006, homes sold for an average $195,943 before skyrocketing the next year to $240,245. By 2009, the price had dropped back to $235,394 before catching a second wind which Brown attributed to low interest rates, rising rents and the historical trend.
"You're always going to have fluctuations but generally real estate has traditionally always gone up," she said. "And I think, you know, there was a big scare [in the economy] and people have realized it's not as bad as they thought it was going to be so they're dipping their toes back into the pond."
She's predicting the upward trend will continue in 2012.
"I don't think it's going to be leaps and bounds but I think it's going to be a steady incline and as confidence builds so does the market," Brown said.
The wild card is interest rates.
"It's still super cheap money and that's not going to last forever," Brown said. "When the economy improves, the interest rates are going to start hiking up."
Looking at properties of all types, 1,197 properties worth $272.1 million sold in 2011, compared with 1,151 properties worth $245.3 million in 2010.
At year end there were 527 properties of all types available through the Multiple Listing Service (MLS) compared to 588 properties at the end of 2010.
In the area west of the by-pass, half of the 270 single family homes that sold, sold for less
than $216,000. As well, 16 apartment units and 27 townhomes, changed hands in 2011.
As of Dec. 31 there were 49 single family homes listed through MLS in this area, compared to 49 at the same time last year.
East of the by-pass 13 apartment units, 11 half duplexes, and nine townhomes sold in 2011.
The 129 single family homes sold had a median value of $174,900.
At the end of December there were 57 single family homes available for sale through MLS in this area, compared with 42 at the end of 2010.
In the northern part of the city, commonly referred to as The Hart, 28 homes on acreage,
23 manufactured homes in parks and a further 41 manufactured homes on land sold in 2011.
Of the 168 single family homes sold, half sold for less than $254,000.
As of Dec. 31 there were 50 single family homes available through MLS in this area of the City compared with 47 at the end of 2010.
In the southwest sector 12 half duplexes, 17 townhomes, 11 homes on acreage and 15
manufactured homes in parks sold in 2011.
Half of the 248 single family homes sold in 2011 sold for less than $296,000. At year end there were 69 single family homes available for sale through MLS in the southwest sector, compared with 57 at the end of 2010.
