Prince George, B.C. – 2014  was a  very good year for  real estate sales across  the  BC Northern Real Estate Board region.

The  year end stats are in and the BCNREB is  reporting 5,218 property sales worth $1.3 billion in 2014 .

That’s up from the 4,891 sales valued at $1.2 billion in 2013.

“In 2014, most communities across the area served by BC Northern Real Estate Board experienced an increase in both sales and listings” says BCNREB President Ken Laursen.  He says Prince George continued the story of the last few years: continued growth and overall balance “Sales in the city are up approximately 9% over last year, with overall median sales prices of all property types rising 4.5%. Limited inventory in the middle market home, has led to a noticeable rise in the cost of homes popular among first time buyers; while there is some evidence of a softening of the higher end market.”

To the west, Laursen says  Terrace, Kitimat, and Prince Rupert have very recently shifted to a more steady market after experiencing among the highest climbs in average home prices in the province. “This recent shift may be due to saturation of the speculative demand initially experienced after the proposed LNG projects.”

Laursen says  there is increased activity in  Fort St. John  as a result of the recent announcement the Site C dam  construction  is expected to begin in the summer of 2015 but adds, “It is too early to tell whether this initial flurry of activity will affect overall sales or prices in the region.”

The markets in the south, Williams Lake and 100 Mile House, have also seen an increase in activity with  realtors in 100 Mile House seeing a younger demographic of home buyers who continue to work at the mines and camps nearby while spending their days off enjoying the recreational opportunities of the region.

Looking ahead,  Laursen says the BCNREB expects to see continued though modest growth in the number of sales and average home prices across much of the region. “The market will be affected by the timing and number of the larger northern LNG and mining projects expected to be green-lit in the next few years. It is important to remember that the real estate is local, and can vary significantly from one area to the other.”