Fort St. John property sales see 20.6% decrease in 2022

FORT ST. JOHN, B.C. — Property sales in Fort St. John saw a 20.6 per cent decrease compared to 2021, according to the BC Northern Real Estate Board’s (BCNREB) year-end report.

In the Energetic City, 632 properties with a value of $258 million were sold in 2022, compared to 796 properties worth $309.4 million that were sold in 2021.

Half of the 292 single-family homes sold in 2022 went for less than $381,000.

Additionally, 28 parcels of vacant land, 77 half-duplexes, 54 homes on acreage, 31 manufactured homes in parks and a further 60 on land were sold in 2022.

At the end of the year, there were 420 properties in the Fort St. John area listed through MLS, up from the 193 properties available at the end of 2021.

In Fort Nelson, 80 properties sold in 2022 were worth $13.4 million, also down from 2021. In 2021, 94 properties were sold at a value of $19.1 million.

Half of the 26 single-family homes sold in Fort Nelson in 2022 were sold for less than $185,000.

Also sold in 2022 were six homes on acreage and one townhouse.

At the end of 2022, there were 109 properties available in the Fort Nelson area, up from the 46 properties available at the end of 2021.

Home sales in the BC Northern region totalled 4,250 units in 2022, a 23 per cent decrease from 2021.

According to the BCNREB, the decrease is “on par” with the average level of sales over the past ten years.

However, home sales reportedly slowed as interest rates increased in the second half of the year.

By the fourth quarter, BCNREB reported home sales across the north were trending at a 3,300 annual pace, which set up what is expected to be a slow start to 2023.

Active listings in the area reportedly started 2022 at a record low but grew through the year as sales slowed, and listings stayed on the market longer.

Because mortgage rates are expected to remain high, and the BCNREB predicts a slowdown in the economy, it also predicts a slow housing market in the north.

The BC Real Estate Association predicts home sales will decline by 9 per cent in 2023.

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