2023 property sales down in Fort St. John

FORT ST. JOHN, B.C. — Property sales in Fort St. John are down so far in 2023 compared to last year, according to the BC Northern Real Estate Board’s quarterly report (BCNREB).

As of September 30th, 460 properties worth $181.7 million were reported sold in Fort St John, compared to 534 properties worth $219.5 million during the same time in 2022.

However, sales during the third quarter in Fort St. John rose by 165 properties compared to the second quarter of 2023.

Since the beginning of the year, 209 single-family homes, 55 half-duplexes, 43 homes on acreages and 60 manufactured homes have sold.

“Half of the single-family homes sold so far this year sold for less than $379,900; these homes took, on average, 73 days to sell,” said the BCNREB in a release.

As of June 30th, there were 526 properties of all types for purchase through Multiple Listing Service® in the Fort St. John area.

In Fort Nelson, 57 properties worth $8.6 million were sold in the first nine months of 2023, compared with 68 properties worth $12 million to the end of September 2022. 

At the end of September, 92 were properties for sale in the Fort Nelson area.

In the first nine months of 2023, 3354 properties worth $1.4 billion have been sold across northern B.C., which is down compared to 2022.

At this time last year, 4210 properties worth $1.7 billion had changed hands.

The BCNREB said the north gradually recovered in the third quarter of 2023.

“[Sales rose to 960] on a seasonally adjusted basis, up from this time last year but still below average for the region.”

The average listing price was around $408,000 in the third quarter, close to the peak of $431,000 in the second quarter of 2022.

The BCNREB said the housing market in the north remains soft as high and rising interest rates have constrained affordability for buyers.

With mortgage rates expected to remain high into 2024 amid softening labour markets and economic growth, sales are anticipated to remain cool into 2024, said the board.