Real estate sales down in Bulkley-Nechako and northwest region

Sales expected to be low through rest of 2020

Real Estate sales have been low so far and would continue to weaken throughout 2020 according to a recently released report by BCNREB. (Lakes District News file photo)

Real estate sales in B.C.’s Bulkley-Nechako and northwest regions have weakened in the first half of 2020 compared to the same time frame last year according to a report released by the B.C. Northern Real Estate Board (BCNREB) on July 7.

“The first half of 2020 saw a significant decline in housing demand in the region, with sales in April reaching a low not seen since January 1988,” said BCNREB President Shawna Kinsley.

Houston area had 14 properties worth $2.5 million changing hands so far this year, compared to 28 properties worth $5.2 million in 2019. There were a total of 34 properties of different types available by the end of June in the area.

Burns Lake area has seen sale of 17 properties worth $2.7 million through Multiple Listing Services (MLS), compared to 37 properties worth $5.6 million in the same period last year. By June end, a total of 81 properties were available through MLS in the area.

Smithers area reported 90 sales with a value of $28.1 million in the first six months of 2020; a drop from 113 sales worth $35.3 million at this time last year. Half of the 39 single-family homes sold so far this year, went for less than $311,000 and took, on average, 66 days to sell. 10 parcels of vacant land and 17 homes on acreage also changed hands since January. As of June, there were 112 properties of all types available for sale in Smithers.

Vanderhoof area realtors reported 56 sales worth $13 million in the first six months of the year, compared to 61 sales worth $19 million last year. As of June 30, there were 103 properties for sale in the Vanderhoof area.

Fort St. James hasn’t seen a significant fall in sales with 27 properties worth $5.3 million sold this year, compared to the 26 properties worth $4.6 million sold last year in the same time frame. By June end, there were 50 properties available for purchase in the Fort St. James area.

In the northwest region, Prince Rupert has sold the same number of properties this year so far, at 89 sales compared to the same time frame last year. The properties sold at $29.9 million, a higher price point compared to last year’s $23.5 million. Terrace area realtors have sold 105 properties in the first half of 2020, worth $34.1 million compared to 134 properties worth $45.6 million in the same period last year. By June end, there were 253 properties available for sale in the Terrace area.

Kinsley also indicated that despite the region’s struggling forestry, and mining and oil sectors, “the decline in the second quarter was primarily due to the state of emergency declared by the province that implemented physical-distancing measures. This halted real estate activity across the province, which is highly reliant on in-person interactions.”

The British Columbia Real Estate Association (BCREA) are predicting that the downward trend for sales throughout B.C. would continue and sales would fall by almost 18 per cent in 2020.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

This photo of approximately 10 years ago shows Laureen Fabian, on the left, and daughter Caterina Andrews. Fabian went missing last October and her daughter is looking for answers. (Contributed photo)
Laureen Fabian’s disappearance remains a mystery

It’s been a year since she went missing

Members of the Houston Fire Department spent Oct. 25 at an old residence at the end of River Bank Drive provided to them by the owner so they could hold a live fire practice. (Angelique Houlihan photo/Houston Today)
Derelict house used for fire practice

Practice took place Oct. 25 on River Bank Drive

BC Hydro replaced poles in Houston on Oct. 23 causing a power outage in many spots in Houston. The next power outage for a transformer replacement is for today at Oct. 28 10:00 a.m. - 2:00 p.m. in these areas - 2240 to 2275 Baggerman Place; 3710 to 3895 Baggerman Crescent. (Angelique Houlihan photo/Houston Today)
Pole replacements in Houston

BC Hydro replaced poles in Houston on Oct. 23 causing a power… Continue reading

District of Houston
Keep on trucking … not

Council is shelving a planned truck stop feasibility study in favour of… Continue reading

District of Houston
District honing in on webcasting of meetings, events

Would further engage residents in District business

Provincial health officer Dr. Bonnie Henry updates the COVID-19 situation, B.C. legislature, Oct. 26, 2020. (B.C. government)
B.C.’s COVID-19 case count jumps by 287, another senior home outbreak

Two more deaths recorded, community outbreak in Okanagan

An untitled Emily Carr painting of Finlayson Point was donated to the Art Gallery of Greater Victoria by brothers Ian and Andrew Burchett. The painting had been in their family for several decades. (Courtesy of the Art Gallery of Greater Victoria)
Never before seen painting by famed B.C. artist Emily Carr gifted to Victoria gallery

Painting among several donated to Art Gallery of Greater Victoria

The B.C. Centre for Disease control is telling people to keep an eye out for the poisonous death cap mushroom, which thrives in fall weather conditions. (Paul Kroeger/BCCDC)
Highly poisonous death cap mushroom discovered in Comox

This marks first discovery on Vancouver Island outside Greater Victoria area

100 Mile Conservation officer Joel Kline gingerly holds an injured but very much alive bald eagle after extracting him from a motorist’s minivan. (Photo submitted)
Rescued bald eagle that came to life in B.C. man’s car had lead poisoning

Bird is on medication and recovering in rehab centre

Janet Austin, lieutenant governor of B.C., was presented with the first poppy of the Royal Canadian Legion’s 2020 Poppy Campaign on Wednesday. (Kendra Crighton/News Staff)
PHOTOS: B.C. Lieutenant Governor receives first poppy to kick off 2020 campaign

Janet Austin ‘honour and a privileged’ to receive the poppy

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Premier-elect John Horgan and cabinet ministers are sworn in for the first time at Government House in Victoria, July 18, 2017. (Arnold Lim/Black Press)
Pandemic payments have to wait for B.C. vote count, swearing-in

Small businesses advised to apply even if they don’t qualify

A raccoon paid a visit to a Toronto Tim Hortons on Oct. 22, 2020. (shecallsmedrew/Twitter)
Who are you calling a trash panda? Raccoon takes a shift at Toronto Tim Hortons

Tim Hortons said animal control was called as soon they saw the surprise visitor

The duffel bags were found to contain 84 pounds of cocaine, valued at approximately $1.2 million and 198 pounds of methamphetamine, valued at approximately $960,000. Photo courtesy U.S. Customs and Border Protection.
2 men accused of fleeing border agents near U.S.-B.C. border with $2M in drugs

Cocaine and methamphetamine seized by U.S. law enforcement in remote Idaho area near Canadian border

Most Read