Despite mill closures, single-family homes in 100 Mile House in 2019 sold for a higher median value (half of all homes sold for less) than in 2018, according to the BC Northern Real Estate Board (BCNREB).
The median single-family home price in 100 Mile House was $310,000 in 2019, compared to $285,000 in 2018. However, the total number of single-family homes sold dropped from 150 in 2018 to 143 in 2019. The average selling price for single-family residential homes increased from $301,391 in 2018 to $323,579 in 2019.
“A struggling BC forestry sector and an uncertain environment for global trade held back housing demand in the second half of 2019, ultimately leading to MLS unit sales in the region covered by the BC Northern Real Estate Board to fall by 6.1 per cent compared to last year. However, due to a low supply of homes for sale, most northern markets saw upward pressure on home prices. Across the BC Northern board area, the MLS average price rose by 5.1 per cent, averaging $310,548,” said BCNREB in a news release.
The total number of properties sold also dropped in 100 Mile House from 538 worth $134.4 million ($249,814 average) in 2018 to 447 worth $118.1 million in 2019 ($264,206 average). For 2019, that in part included 101 parcels of land, 114 homes on acreage, 36 manufactured homes on land, 18 manufactured homes in parks and 19 recreational properties.
However, the number of properties available in the 100 Mile House area at the end of December jumped from 283 in 2018 to 324 in 2019.
Across the BCNREB area as a whole, they reported 4,748 property sales worth $1.5 billion in 2019 down from 5,125 sales worth 1.5 billion in 2018.
“While 2019 was a down year for sales, momentum is building in the northern economy from LNG and BC Hydro investments that should translate to a pick-up in housing activity in 2020.”
David Jurek, owner of Remax in 100 Mile, said he isn’t expecting any drastic changes in 2020. According to Jurek, more higher-priced properties were sold in 2019 than in previous years, which he thinks slightly threw the numbers off.
“It’s going to be a good year,” he said.
Ron Kelly, sales representative for Royal LePage in 100 Mile said a lot of business tends to come from the Lower Mainland.
“Even though we are down from last year, we are still up from what I believe the average is over the past 10 years,” said Kelly. “We still have a strong market. I think we are going to continue on in the same degree of strength.”