Prince George, B.C. – The BC Northern Real Estate Board (BCNREB) is reporting a drop in property sales the first quarter of 2015.

The BCNREB says there were 856 sales worth a value of $213,161,426 the first quarter this year, compared to 1005 sales worth $248,635,86 the first quarter last year.

President David Black says “the regions more closely associated with the oil and gas industry, the Northeast and North Coast experienced a more significant drop, year over year.”

He attributes that “to the uncertainty with the long term effects of lower oil prices.”

Despite fewer sales, Black contends northern B.C. “is still strong and there are billions of dollars in potential developments which could benefit from lower oil costs and better availability of tradespeople.”

He also adds historic low interest rates, affordable housing prices and increased inventory make this a good time “to consider making real estate investments or buying a new home.”

Below are the average selling price (year to date) for residential detached homes:

100 Mile House – $176,333
Williams Lake – $219, 622
Quesnel – $218,923
Prince Rupert – $238,923
Smithers – $278,480
Burns Lake – $109,299
Vanderhoof – $199,500
Fort St. John – $416,527
Fort Nelson – $361,980
Mackenzie – $166,833
Prince George – $275,914
Terrace – $284,564
Kitimat – $305,885