Northern BC Real Estate Market November 2024 Update

The Northern BC real estate market in November 2024 demonstrated a mix of resilience and tightening conditions. Sales activity showed growth compared to the previous year, while inventory levels continued to contract. Rentals remained affordable.

This region includes the Bulkley-Nechako, Cariboo, Fraser Fort George, Peace River/Fort Nelson, and Skeena/North Coast areas.

Sales 

In November 2024, the northern regions of British Columbia experienced strong home sales momentum. A total of 304 homes were sold, marking a 20.2% increase compared to November 2023.

While sales were still 5.3% below the five-year average and 1.9% below the 10-year average for November, the year-to-date numbers were more promising. Over the first 11 months of 2024, 3,843 homes were sold, reflecting a 10.3% rise compared to the same period in 2023.

Price

The average price of homes sold in November 2024 was $418,495, representing a 5.6% increase year-over-year. On a more comprehensive scale, the year-to-date average price climbed to $426,204, a 3.3% increase from the same period in 2023. 

Listings and Inventory

The supply side of the market saw a period of tightening.

In November 2024, 299 new residential listings were added, down 2% compared to November 2023. This was the lowest number of new listings in November in over 35 years. By the end of November, there were 1,419 active residential listings, a 9.6% decrease year-over-year. 

Despite this drop, active listings remained 0.3% above the five-year average but a notable 18.4% below the 10-year average for the month.

At the end of November, the months of inventory stood at 4.7, a decline from 6.2 months in November 2023 and below the long-term average of 5.8 months. 

Rental Market Update

As of December 2024, the median rent for all property types in Prince George, BC, was $1,400, which is 25% below the national average. 

Employment

In November 2024, British Columbia’s labour market experienced mixed trends. 

Full-time employment rose by 1,700 jobs compared to the previous month, while part-time employment declined significantly, with a loss of 4,400 positions. This resulted in an overall net loss of 2,700 jobs for the month. Despite these fluctuations, the labour market remained relatively stable, with the unemployment rate continuing to stay well below its long-term average.

The provincial unemployment rate held steady at 5.8% in November 2024, consistent with October levels. However, this is well below the 6.8% national unemployment rate, which reached its highest point since January 2017.

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