Residential real estate earnings in the North remained relatively steady in the first quarter of 2022, despite a significant drop in units sold.
According to the Northern Real Estate Board, a total of 1,041 residential units were sold, compared to 1,526 in the first quarter of last year.
Despite that, the value of units sold this quarter was just under $449 million, compared to just over $500 million by the end of last March.
Seasonally adjusted rates were also 38 percent above those of 2019’s fourth quarter, prior to the pandemic’s influence.
In the Northwest, Terrace saw 72 properties sold, totalling $34.3 million, compared to 71 for $29.7 million last year.
Prince Rupert saw 52 sales worth $25.9 million, compared to 76 sales for $28.4 million last year.
Kitimat registered 41 sales, valued at $15 million, against 54 sold for $18.8 million last year.
Terrace saw the second highest average value in the North at just over $482 thousand, trailing only Prince George’s $520 thousand average.
On the flip side, Kitimat’s $375 thousand average was the second lowest, trailing only Quesnel’s $352 thousand.
Comments