Home Sales and Prices Up in Northern Region
Prince George, B.C.- The average selling price of a home in the BC Northern Real Estate Board’s region was up by nearly 4% last month compared to February of last year.
The latest report indicates the average price in the Northern region was $268,955 last month compared to $259,078 in February of 2016. That’s an increase of 3.8%.
There were fewer homes to choose from throughout the region last month, as the 1,982 listings represented a 6.3% drop in listings compared to the same month a year ago.
There were a total of 254 residential sales last month in the BC Northern region, up 5% from February of 2016.
A decline in pricing and sales in the lower mainland caused the Provincial totals to plunge. Provincially, total sales were down 31.7% compared to the same period in 2016.
BC Real estate Association Chief Economist Cameron Muir says last month’s numbers show “Consumer demand has returned to a more typical level.”
Comments
So unemployment in the Northern Region has risen to 12.8% and yet home sales and prices have increased. Has anyone ever seen this before? With all these jobs disappearing, who is buying these homes? Retirees priced out of the lower mainland perhaps?
Sorta weird! There have been houses up off of St. Lawrence that have been for sale awhile now, but they aren’t in the best of shape. From what I gather one of the houses is owned by someone on the south. So now they are being rented at a huge fee! Another house down the street stays empty 3/4 of the year, so it is a funny market! No funds are being sunk into these 3 houses to have street appeal either! So what gives? Who knows?
The appeal to some is that they have not street appeal.
There are those buyers who look for ready to move in houses, and there are others who look for a bare bones building for a reasonable price and they want to do the upgrades to suit their idea of what a great house is.
It is rare that renovations pay for themselves on a sale and even rarer when they actually make money. It would require an individual who knows the market place and the construction industry, or does not consider the value of their time if they do nay or all of the work themselves.
I think they have to look at the out of city owners tending to their property. Some can’t be bothered and they get to the point of being an eyesore, doesn’t exactly help the neighbourhood look appealing. I know of 2 houses in particular that the owners live in Vancouver. Asian!
I am sure there are a lot people who have sold their house they bought in the 80’s for 200k in Vancouver, and have just sold it for 1.4 million dollars and have headed into the interior, most likely ending up in the OK, where they buy a nice home for 500k, and live off the 900k tax free.
I’m sure there are a lot of people that has the mentality of, rather secure my retirement, and leave the Lotus land and live in the interior. So if you bought this house in 1985 at age 30, in 2017, you sell it at age 62. Why wouldn’t you live off the 900k for the remaining 20 plus years of your life, and not worry about money. If I fell into that bowl s..t, I would do the same.
At one point you do need to stop chasing, and enjoy what you have left.
Canadian debt to income ratio is also up . It now stands at 1.67 with 65% being mortgages . Congratulations Canada , we’re number one ! I wonder which way interest rates will go the next move ? I’m thinking up .
even a hippie needs a cash flow
Real estate most of the time will try to paint a rosy picture.
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