The northern parts of British Columbia, including Bulkley-Nechako, Cariboo, Fraser Fort George, Peace River/Fort Nelson, and Skeena/North Coast experienced some positive shifts in July.
Sales
In July 2024, Northern BC saw 425 home sales through the MLS® System, marking a 13% increase from July 2023. This represents the highest sales level for July in three years. Despite this growth, sales were still 4.1% below the five-year average and 3% below the ten-year average for the month. On a year-to-date basis, 2,393 homes have been sold, reflecting a 12.4% rise compared to the same period in 2023.
Price
The average price of homes sold in July 2024 was $425,170, a modest decline of 2.2% from the previous year. However, the year-to-date average price increased by 3.4%, reaching $423,697.
Listings and Inventory
New listings are showing signs of slowing as demand catches up with previously high inventory levels. In July 2024, there were 663 new residential listings, down 9.2% from July 2023. These new listings were 3.4% below the five-year average and 5.9% below the ten-year average for the month.
Active residential listings totalled 2,130 units at the end of July, representing a 5.1% decrease compared to July 2023. However, active listings were still 1.5% above the five-year average but 14.2% below the ten-year average for July.
The months of inventory—a measure of how long it would take to sell current listings at the current sales pace—stood at 5 months, down from 6 months in July 2023, and below the long-run average of 5.8 months.
Rental Market Overview
In July 2024, the average rent for apartments and condos in British Columbia was $2,570. Rent by unit type included studios at $1,988, one-bedrooms at $2,304, two-bedrooms at $2,902, and three-bedrooms at $3,311. Overall, rent prices saw a slight year-over-year decrease of 2%.
Employment
British Columbia’s unemployment rate was 5.4% in July 2024, up slightly by 0.1% from June, using seasonally adjusted, three-month moving averages. The province experienced a net loss of 9,300 jobs, including 4,300 full-time and 5,000 part-time positions. Despite these losses, the unemployment rate remains below the national average of 6.4% as of July 2024.
Consumer Confidence
Consumer confidence in British Columbia improved in July 2024. More respondents reported optimism about job prospects and household finances over the next six months. However, sentiment regarding major purchases, such as homes or cars, remains cautious, with only a slight increase in optimism.