BC Northern Real Estate Board

BC Northern Real Estate Board MLS® home sales post massive rebound from last February

The number of homes sold through the MLS® System of the BC Northern Real Estate Board totaled 249 units in February 2024. This was an advance of 41.5% from February 2023.

Home sales were 2.7% below the five-year average and 2.1% above the 10-year average for the month of February.

On a year-to-date basis, home sales totaled 410 units over the first two months of the year. This was up by 23.1% from the same period in 2023.

“Sales activity went from being at 14-year lows last February back up to average levels in February 2024, recording an identical but reversed year-over-year change compared to last February’s more than 40 percent drop,” said Breanne Cote, Chair of the BC Northern Real Estate Board. “Our local market is still within balanced territory as inventories are trending sideways, with higher demand keeping pace with new supply. With BC’s recently announced home flipping tax we’re keeping an eye on whether this will prompt a pull-forward in demand throughout this year in advance of its implementation or if this activity will be masked by a strong recovery.”

The average price of homes sold in February 2024 was $401,806, an increase of 8.5% from February 2023.

The more comprehensive year-to-date average price was $394,539, a moderate gain of 6.3% from the first two months of 2023.

The Board cautions that the average residential price is a useful figure only for establishing trends and comparisons over a period of time. It does not indicate an actual price for a home due to the wide selection of housing available over a vast geographic area (the Board serves an area covering over 600,000 square kilometers or 72% of the province).

The dollar value of all home sales in February 2024 was $100 million, a substantial gain of 53.5% from the same month in 2023.

The number of new listings saw a gain of 12.9% from February 2023. There were 472 new residential listings in February 2024.

New listings were 2% above the five-year average and 1% below the 10-year average for the month of February.

Active residential listings numbered 1,419 units on the market at the end of February, nearly unchanged, down only 0.4% (five listings) from the end of February 2023.

Active listings were 2.8% above the five-year average and 17% below the 10-year average for the month of February.

Months of inventory numbered 5.7 at the end of February 2024, down from the 8.1 months recorded at the end of February 2023 and below the long-run average of 7.3 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Board & Association Information

The BC Northern Real Estate Board is an association of about 410 REALTORS® that provides services to and sets standards for members.

The BC Northern Real Estate Board covers the northern part of British Columbia, including Bulkley-Nechako, Cariboo, Fraser Fort George, Peace River/Fort Nelson, and Skeena/North Coast.


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BC Northern Real Estate Board

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For more information,
please contact:

inquiries@bcnreb.bc.ca

Chair
Kristine Newell

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