100 Mile House's real estate market continues to be one of the busiest in Northern B.C., with the largest increase in sales activity across the B.C. Northern Real Estate Board for the first quarter of 2017.
In 2017, a total of 95 properties of all types have been sold through the Multiple Listing Service since the beginning of the year. Last year, at this time, only 71 properties had sold at a total worth of $14.6 million, compared to this year's $20.3 million.
The average price of a single family home in 100 Mile for the first quarter of the year is $284,240, compared to last year's $212,257, a difference of almost $72,000.
"There has been a large influence from the Lower Mainland and southern markets," says Court Smith, the vice-president of the board. "There isn't a really clear indication into what is pushing the market but 100 Mile just seems to be doing really well."
Both Williams Lake and Quesnel have also seen upturns in the market compared to last year. In Williams Lake, both the sales activity and average sale price of a single-family home have increased slightly, from 72 properties during the same period last year, to 80 this year, with an increase in average price from $235,488 to $243,962. Despite low inventory, Quesnel area realtors reported 60 sales compared to last year's 50, with an increase in average price from $185,450 to $189,025.
Numbers are similar across the board for other markets in Northern B.C.
The BC Northern Real Estate Board reported 934 sales with a value of $250,679,2000 in the first quarter of 2017. This is compared with 859 sales worth $217,647,633 during the same period last year. As of March 31, there were 3591 properties of all types available for purchase, compared to 3973 of last year.
"We are seeing a slight increase in sales in many communities in the board area compared to the sales at the same time last year. The economies of many B.C. Northern communities are based on resources, thus local markets are affected by the implementation of new oil and gas projects, the closing of mines, and the commodity prices and demand," says board president John Evans.