Good time to buy property in Kitimat

Good time to buy property in Kitimat

Kitimat residential real estate sales are holding steady but prices are dropping

Kitimat residential real estate sales are holding steady but prices are dropping, indicates the latest release from the B.C. Northern Real Estate Board.

Year to date to the end of September, 60 residential detached homes changed hands compared to 56 to the end of September 2016 and 57 for the same period in 2015.

But the average selling price has dropped – from $303,510 in 22015 to $280,296 in 2016 to $227,750 this year.

That compares to Terrace where while the number of homes sold has dropped, average prices have held fairly steady in the $310,000 range.

In all, 73 Kitimat properties changed hands in the first nine months of 2017 carrying a value of $15.6 million compared to 78 properties selling for a value of $20.1 million for the same period of 2016.

Of the 60 detached homes selling to the end of September, half sold for less than $211,000 and took, on average, 120 days to sell.

Across the north, B.C. Northern Real Estate Board president John Evans described activity as fairly steady.

“In many of the communities, sales statistics for the third quarter are looking very similar to what we saw in 2016,” he said.

Within the real estate board’s territory, which reaches as far south as 100 Mile House, 3,878 properties worth $1 billion sold through the Multiple Listing Service in the first nine months of this year.

This is compared to 3,834 properties worth $973.2 billion for the same period in 2016.

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