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City sees $206M in real estate sales

Mortgage rates expected to drag on prices and sales, says real estate board

The BC Northern Real Estate Board released its third quarter results Thursday, reporting 513 properties worth $206 million were sold in the Fort St. John area through the first nine months of 2022.

That’s compared to 619 properties worth $238.7 million sold by the end of Sept. 30, 2021, according to the board’s Oct. 6 update.

So far this year, 242 single-family homes have sold in the city for an average price of $413,190, and taking an average 62 days to sell, according to the board. Half of those homes sold for less than $385,000.

The city has also seen the sale of 62 half-duplexes, 42 homes on acreages, 80 manufactured homes on land (52) and in parks (28), and 18 vacant lots so far this year, according to the board.

Across northern B.C., there were 4,141 properties reported sold for a total value of $1.7 billion through the first nine months of 2022.

“In the third quarter, sales in the BC Northern region fell to below pre-pandemic levels for the first time since the onset of the COVID-19 crisis,” the board reported. “Within the quarter, sales fell sharply, and in September were at their lowest level since 2010 on a seasonally adjusted basis.”

Active listings across the north have jumped 16% quarter over quarter, and are at their highest level since July 2020, according to the board.

In Fort St. John, there were 509 properties for sale at the end of September.

“Given that sales have fallen sharply in the North, and active listings are edging up more gradually, the combined result of these trends has been to move the Sales-to-Active-Listings ratio back towards historical norms and just shy of balanced market territory for the region,” the board reported.

“Other indicators like average price and days on market are trending towards a softer market, but still gradually. As the Bank of Canada continues tightening, albeit at a slower pace going forward, we anticipate that mortgage rates will continue to drag on prices and sales.”

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