Kitimat’s real estate market has seen an increase in overall property values in the first nine months of 2023, despite a decrease in the number of properties sold compared to the same period in 2022.
According to the BC Northern Real Estate Board (BCNREB), Kitimat recorded the sale of 148 properties with a total value of $73.6 million. This is in contrast to the 167 properties, valued at $58.9 million, sold during the same period in 2022.
Single-family homes account for a significant portion of the sales, with 92 sold at an average price of $380,856 this year. These properties took an average of 71 days to sell. In comparison, the previous year saw the sale of 117 single-family homes at an average price of $373,448.
Additionally, 22 half-duplexes and 18 townhomes were sold. By the end of September, 115 properties of various types were listed as available in the Kitimat area through the BCNREB’s multiple listing service.
In neighboring Terrace 222 properties were sold worth $95.9 million, compared to 232 properties worth $95.6 million in the same period last year.
Overall, sales in the B.C.’s north showed signs of gradual recovery in the third quarter of 2023, with 960 properties sold on a seasonally adjusted basis. This represents an increase from the previous year but is still below the region’s historical average ,and well below the level of listings prior to the pandemic.
The market remains soft as high and rising interest rates have constrained affordability for buyers. With mortgage rates expected to remain high into 2024 amid weakened labour markets and economic growth, sales are anticipated to remain cool into 2024.