For the first nine months of 2022, Kitimat was one of only two municipalities in northern B.C. to buck a trend of fewer home sales at higher prices.
The average selling price of homes through the Multiple Listing Service (MLS) declined in Kitimat compared to the same period in 2021, indicate the last statistics from the B.C. Northern Real Estate Board.
As of September 30, 167 properties worth $58.9 million sold via MLS at an average selling price of $373,448 compared to 160 properties worth $69.3 million with an average of $280,238 in the first nine months of 2021.
The only other town to see a decrease was Fort Nelson.
There were 117 properties of all types available for purchase through MLS in the Kitimat area at the end of September.
This is in contrast to a trend throughout the North of fewer properties changing hands, but at higher prices.
The trend was most pronounced in Burns Lake and Smithers, which saw increases of 43 and 38 per cent respectively while the number of units sold declined.
To the end of September, Smithers had the highest average home sale price $548,821, even greater than Prince George at $527,579.
Across the whole north total sales through MLS dropped considerably for the first nine months of this year compared to the same period in 2021.
While 5,306 properties sold to the end of September last year worth $1.9 billion, the number dropped to 4,141 properties worth $1.7 billion for the same period this year.
“Sales in the B.C. northern region fell to below pre-pandemic levels for the first time since the onset of the COVID-19 crisis,” reported the real estate board.
“Within the quarter, sales fell sharply, and in September were at their lowest level since 2010 on a seasonally adjusted basis.”
The real estate board said that average sales prices are dropping and days on the market are increasing at a gradual pace.
“As the Bank of Canada continues tightening, albeit at a slower pace going forward, we anticipate that mortgage rates will continue to drag on prices and sales,” it added.
With files from Thom Barker