Prince George, B.C., – The real estate market has been hot  in Northern B.C. for the first 9 months of the year.

The BC Northern Real Estate Board is reporting 4195 properties worth $1.07 billion sold through the Multiple Listing Service®  by the  end of September this year.  That compares with 3806 properties worth $934 million that sold during the same period last year.

BCNREB Vice President David Black says the  third quarter results show the real estate market  continues to the strong in the region “Most markets are still showing increases in both the number of sales and the dollar value of each sale; however, recent statements made by major players in LNG projects have slowed the activity in the Northeast and Western regions of the Board.”

Black says economic uncertainly is having an impact on the real estate market throughout the North “With a number of huge projects in the planning stages, the North could use some certainty. Government approval of at least one of these major projects would help solidify the strength of the markets across the North.”

That uncertainty seems to be showing in Fort Nelson, where real estate sales are down by about one third of what they were during the same period  last year. 

Average selling price for homes in the northwest has grown significantly over the past three years. For the  first nine months in 2011,  the average selling price of a home in Kitimat as $150,668  and at the end of the same period this year that  average  selling price had climbed to  $318,270, more than  double the mark of three years ago.

In Terrace, the average selling price for the first nine months of 2014, was $307,507. Up significantly from the average price of $218,150 recorded in the first nine months of  2011.

As for Prince George, there has been an increase of about 10% in the average selling price in the past three years.   That average price was $245,542 in the first nine months of 2011, and during the same period this year, had increased to $273,321.

Here is the region by region breakdown:

 Fraser Fort George 

Prince George: In the City of Prince George, to the end of September, 1157 properties worth $281.6 million changed hands, compared with 1020 properties worth $250.8 million to September 30th, 2013.

In the western part of the City the median price of the 226 homes sold this year, was $242,900.

In the area east of the By-pass, the 141 single family homes that sold had a median price of $203,000.

In the northern part of the City, the 173 single family homes sold had a median price of $280,000.

In the southwest section of the city, the median price of the 200 single family homes sold was $334,500.

Mackenzie: In the first nine months of 2014 60 properties worth $9.4 million were reported sold through MLS® in the Mackenzie area, compared with 74 properties worth $12.1 million to September 30th, 2013. 

Cariboo

100 Mile House: 270 properties worth $56.9 million have changed hands, compared to 249 properties worth $48 million to the end of September in 2013.

Williams Lake: 317 properties worth $74.8 million have sold in the first nine months, compared to 269 properties worth $53 million in the same period last year.

Quesnel: To the end of September 216 properties worth $42 million sold through MLS® compared to 206 properties worth $43.3 million to the end of the third quarter of 2013.

Northwest

Prince Rupert: 263 properties worth $55.4 million changed hands so far this year in the Prince Rupert area, compared with 206 properties worth $45 million to the end of September 2013.

Terrace: In the first nine months of the year, 288 properties worth $72.5 million were reported sold in the Terrace area, compared to 289 properties worth $65.1 million during the same period last year.

Kitimat: 128 properties worth $35.9 million have changed hands in the first nine months of 2014, compared to 195 properties worth $47.7 million to September 30th of 2013.

Bulkley Nechako

Houston: To the end of September, 47 properties worth $7.2 million sold in the Houston area, compared with 39 properties worth $6.6 million in the same period last year.

Smithers: As of September 30th, 211 properties worth $47.5 million changed hands in the Smithers area, compared with 196 properties worth $48.7 million in the first nine months of 2013.

Burns Lake: So far this year 57 properties worth $6.6 million have been reported sold through MLS® compared to 52 properties worth $6 million in the first nine months of 2013.

Vanderhoof: 102 properties worth $18.4 million sold in the first nine months of the year compared with 69 properties worth $14.1 million in the same time last year.

Fort St. James: 36 properties worth $6.7 million were reported sold to the end of September, compared to 21 properties worth $4.9 million in the same period last year.

North

Fort St. John: As of September 30th 740 properties worth $287.6 million were reported sold in the area, compared to 626 properties worth $219.9 million to September 30th of 2013.

Fort Nelson: 47 properties worth $11.5 million have sold in the first nine months of 2014, compared with 66 properties worth $17.8 million to the end of September 2013.