Skip to content
Join our Newsletter
Join our Newsletter

Real estate sector ends year strong

B.C. Northern Real Estate Board numbers released this week are showing it wasn't entirely a year local real estate agents would rather forget.

B.C. Northern Real Estate Board numbers released this week are showing it wasn't entirely a year local real estate agents would rather forget.

The final quarter of 2009 saw the average price rise five per cent from the quarter before to $244,924 on sales of 220 single-family homes, adding up to $53.8 million worth of activity.

That's about on par with the $52.9 million achieved over the same period in 2007 and is dramatically higher than the $33.9 million recorded during the fourth quarter of 2008 and $35.3 million over the first quarter of 2009.

"From the start of the year, it's a huge turnaround," BCNREB president Gary Shannon said Thursday. "We would never have guessed that we would end up as strong as we have. It's good to see."

He believes the momentum will continue.

"We think that we're going to have a very strong winter and spring market this year," Shannon continued. "It all comes down to supply and demand, and, of course, as we start to see some more listings come onto the market, it will help to balance things out, but until then we're probably going to see prices edge up a little bit."

At year end, there were 427 properties of all types available in the city through the Multiple Listing Service, compared to 582 at the end of 2008, indicating a sellers' market.

"We're way down on our listings and sales volume has been going good. We've been selling more than we've been listing lately," Shannon said.

Looking at the year as a whole, 828 single-family homes were sold for an average $235,394, adding up to $194.9 million. That's down from $207.1 million on 861 sales at an average $240,571 in 2008 and $260.2 million on 1,083 sales for $240,245 each in 2007.

Including all types of properties, 1,211 worth $266.3 million were sold in 2009, down

from 1,270 properties worth $272.6 million in 2008.

Here's a look at how sales went in areas around the city:

- West of the bypass, the median value for the 246 single-family homes sold was $204,500 compared to $213,000 on 272 sales in 2008. As well, 18 apartment units and 29 townhouses changed hands in 2009, compared to 18 and 34 in 2008.

As of Dec. 31, there were 33 single family homes listed through MLS compared to 69 at the same time last year.

- East of the bypass the 148 single family homes sold had a median value of $172,000, down from 168 sales and $179,000 in 2008. And nine apartment units and 14 townhouses sold in 2009, compared to 19 and 33 in 2008.

At the end of December there were 48 single family homes available for sale through MLS compared with 54 at the end of 2008.

- In the northern part of the city, commonly referred to as the Hart, the median value for the 195 single family homes sold was $245,000, compared to 168 and $270,000 in 2008. As well, seven townhouses, 41 homes on acreage, 30 manufactured homes in parks and 54 manufactured homes on land were sold, compared to six townhouses, 22 homes on acreage, 33 manufactured homes in parks and 44 on land in 2008.

As of Dec. 31, there were 37 single family homes available for sale through MLS in the area, down from 72 as of year end 2008.

- In the southwest, the median price for the 228 single-family homes sold was $269,900, down from 245 and $275,000 in 2008. Nine half-duplexes, 14 townhouses, six homes on acreage and 15 manufactured homes in parks changed hands last year, compared to eight half duplexes, 14 townhouses, five homes on acreage and 12 manufactured homes in parks last year.

At the end of December there were 41 single family homes available for sale through MLS in this area of the city, down from 81 at the end of 2008.

mnielsen@pgcitizen.ca