The BC Northern Real Estate Board (BCNREB) reported a mix of stability and growth in the housing market for 2024, with Kitimat maintaining steady performance amidst broader regional trends.
Kitimat’s housing market held firm in 2024, with 183 properties sold, matching the previous year’s total. However, the total value of sales dipped to $67.6 million from $71.7 million in 2023. The median price of single-family homes remained affordable at $365,000, making the town a draw for value-conscious buyers. Inventory saw a slight uptick, with 93 properties available at year-end, up from 91 in 2023.
Across the broader Northern region, the housing market saw significant growth. BCNREB reported 4,667 properties sold through the Multiple Listing Service in 2024, generating $1.9 billion in sales, up from 4,229 properties worth $1.7 billion in 2023. Sales in the fourth quarter alone were 23 per cent higher than the same period in 2023 and 2.7 per cent above historical averages. Inventory remains a challenge, with 1,759 active listings at year-end, approximately 25 per cent below long-term healthy levels.
The BC Northern Board anticipates continued market momentum heading into 2025, spurred by lower borrowing costs and supportive Bank of Canada policies.