Kitimat real estate market levels off

Property sales report for first six months of year shows drop over properties sold same time last year.

The B.C. Northern Real Estate Board has released their latest home sales statistics which now cover the first six months of the year.

And it would seem Kitimat’s housing bubble, for now, has burst.

Kitimat reports 40 properties selling worth $11 million dollars through the first half of this year.

In the same time frame last year it was 94 properties worth $26 million.

Out of that is 25 single-family homes. Half of that 25 sold for less than $310,000, and took an average of 96 days to sell.

By the end of June there were 102 properties of all types for sale in Kitimat.

Overall for the entire area covered by the BC NREB, 2,376 properties were sold, down from 2,637 in 2014. That represents $601 million, versus $672 million last year.

“The BC Northern Real Estate Board reflects all of the economic realities associated with the significant drop in oil prices,” said BCNREB President David Black. (Unrelated to the David Black from page one.) “The communities that heavily depend on the oil and gas industries are experiencing some drops in volume; however they have been very strong markets in the past and will rebound. Those communities expecting to benefit the most from LNG had a great year in 2014 and have now returned to traditional volumes but at higher values. They will now have to wait for the beginning of one of these projects to actually realize the projected benefits.”

 

Just Posted

Mobile complaint team coming to B.C.’s northwest

Ombudsperson’s office wants to hear from wronged residents

Bears hyper-focused on feeding

Public urged to remove attractants as bears get ready for hibernation

Kool-Aid Man bails on Terrace and Kitimat mayoral race

Says he has accomplished goal of raising electoral awareness

Cannery Road Race returns with a bang

Approximately 150 people competed in 10 events after one year hiatus

55+ Games athletes compete for gold

70 athletes from Zone 10 are competing

Watch out for Pavement Patty: Drivers warned outside B.C. elementary school

New survey reveals unsafe school zones during 2018 back-to-school week

‘Like an Alfred Hitchcock movie’: Birds fall dead from the sky in B.C. city

Raptor expert says he’s never seen it happen anywhere in the Lower Mainland

Canada signs global pact to help rid world’s oceans of abandoned fishing gear

The federal Fisheries Minister says it’s a ‘critical issue’

GOP pushing forward for Kavanaugh, accuser wants ‘fairness’

Kavanaugh has denied al allegations of sexual misconduct

Tent city campers now allowed to stay in B.C. provincial park

Contrary to earlier reports, Ministry of Environment says there is no deadline for campers to leave Greater Victoria camp site

Former VP of lululemon joins B.C. cannabis cultivation facility

Kerry Biggs will be the Chief Financial Officer of True Leaf, in Lumby

Could cannabis help keep people in B.C. on treatment for opioid addiction?

People on opioid agonist treatment face lower risks of overdosing, BC Centre on Substance Use says

Northwest B.C. high school student lands role in Monkey Beach

The novel by Haisla-author Eden Robinson is being filmed in Kitimat and Kitamaat Village

Around the BCHL – Trail Smoke Eater grad to captain NCAA Michigan Tech Huskies

Around the BCHL is a regular look at the BCHL and goings-on throughout the junior A world.

Most Read