The BC Northern Real Estate Board reported 822 sales worth $329,166,021 through the Multiple Listing Service (MLS) in the first quarter of 2024, compared to 719 sales worth $266,872,956 in the same period last year.

As of March 31, 2901 properties are available for purchase. Sales activity was nine per cent below the historical average and average sale price declined by one per cent to $404,000.

Active listings increased with 1,901 units at the end of March, but still need to be balanced for the market to return to its historical norms. Housing market in the region remains calm despite high costs, but fixed-rate mortgage costs have declined recently.

Since Jan. 1, 亚洲天堂 Lake area sold eight properties worth $1.8 million. As of the end of March, 72 properties of all types were available for sale through the MLS.

In the Smithers area, which includes numbers for the Houston market also, by March 31, recorded the sale of 32 properties valued at $15.7 million. As of the end of the first quarter, there were 76 properties of all types available for purchase through the MLS.

The Vanderhoof area reported 15 property sales worth $4.6 million in the first quarter of 2024. At the end of March, 68 properties were available for purchase through the MLS.

At Fort St. James area, in the first quarter of 2024, there were nine property sales worth $1.9 million. As of March 31, 32 properties were available for sale through the MLS.

The real estate market in the BC Northern Board area is currently stable despite high borrowing costs and prices. However, fixed-rate mortgage costs have significantly decreased in recent months since the Bank of Canada is expected to begin rate cuts in June.

As these expectations become certainties, mortgage rates may further go down, boosting sales in the region and leading to a recovery in spring sales.