Real estate sales up slightly across the North in 2017

After wildfire season, Quesnel and Williams Lake back to expected sales levels, 100 Mile sluggish

Real estate sales were up slightly in 2017, according to the BC Northern Real Estate Board.

It reported there were 4,981 property sales worth $1.3 billion in 2017, up from last year’s 4,737 sales worth $1.2 billion.

“Most communities in our board region have seen an increase in sales when compared to last year,” says board president John Evans.

Regionally, average sales prices have increased one or two per cent over inflation. Overall, most markets have been steady in the face of the weak commodity prices of the last few years and the boom-and-bust cycles since the 1970s have not been repeating themselves.

Cariboo region

The Cariboo was affected by the wildfires in the 2017 summer.

100 Mile House, Williams Lake and some smaller surrounding communities were evacuated, causing uncertainty for consumers needing property insurance or those with uncompleted real estate transactions.

Although Quesnel was not evacuated, the community was close enough to the wildfires for consumers to have difficulty finding property insurance.

With the wildfires over, Quesnel and Williams Lake appear to have returned to expected levels of market activity.

Quesnel

A total of 345 properties changed hands in the Quesnel area in 2017, up from 311 that were sold in 2016.

The value of these properties was $68.7 million ($59.9 million in 2016).

The median value of the 152 single-family homes sold in 2017 was $195,000.

In addition, 25 parcels of vacant land, 94 homes on acreage, 21 manufactured homes in parks and a further 27 on land were reported sold in 2017.

At year end, there were 110 properties of all types available for purchase in the Quesnel area, down from 156 properties at the end of 2016.

Williams Lake

In Williams Lake, 469 sales worth $110.5 million were reported in 2017, up from 441 sales worth $100.1 million the previous year.

Half of the 195 single-family homes sold in 2017 sold for less than $244,000.

Twenty-three parcels of vacant land, 99 homes on acreage, 28 town homes, 39 manufactured homes in parks and 48 manufactured homes on land were also sold in 2017.

At the end of December, there were 226 properties of all types available in the Williams Lake area, down from 264 properties at the same time last year.

100 Mile House

While Quesnel and Williams have returned to expected levels of sales, 100 Mile House remains somewhat sluggish.

In the 100 Mile House area, 550 properties worth $126.9 million sold this year, compared with 630 properties worth $140.3 million in 2016.

The 153 single-family homes that sold in 2017 had a median value (half sold for less) of $270,000.

In addition, 193 parcels of vacant land, 131 homes on acreage, 24 manufactured homes on land, four manufactured homes in a park, and 27 recreational properties changed hands in 2017.

At the end of December, there were 292 properties of all types available for sale in the 100 Mile House area, down from the 363 properties at the end of 2016.

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