It’s a Seller’s Market- says BCREA
Prince George, B.C.- The BC Real Estate Association says there are fewer homes on the resale market and that’s driving up the price.
According to the latest stats from the BCREA, sales in the BC Northern Real Estate region have inched up (0.6%) in the first four months of this year over the same period a year ago. However, the average price has increased 5.2% during that same time frame . During the period of January to April 30th of this year, the average price was $273,200. Last year during the same period, the average price was $259,819.
Comparing just April’s real estate activity, the number of listings in the BC Northern Real Estate region last month dropped 15.6% compared to April 2016, and the average selling price was up 4.7% from $271,514 in April of 2016 to $284,184 last month.
Province wide, the BCREA says the supply of homes for sale in B.C. dropped 17% last month and is at its lowest level in 5 years. That imbalance in supply and demand is driving prices higher.
It’s nuts out there right now. Houses in the 2 to 3 hundred thousand range are being snapped up quick….
Unless you have a wood foundation…then you might wait a bit…
It’s strange out there, saw some units out there in the last couple days. Not what you call acceptable, by any stretch and they are asking well into the 280k range.
Lots of want to be landlords.
It’s a bankers market. When house price increases faster than inflation, then interest rates are too low and it’s a bankers market for speculators. I feel any first time buyers buying now will loose big time and might not ever recover when interest risk catches up with reality. The only thing propping up the market now is speculation from foreign buyers and the displacement they generate. Most of the foreign money is laundered ill gotten gains IMO from places like China and the Middle East, Russia, etc etc. If they ever crack down on money laundering the housing market is done for a generation.
Latest household credit numbers for Canada (to the end of March, 2017) from the Bank of Canada:
Comments for this article are closed.