Market Minute | Real Estate Fort St John | October 2022


 
 

The real estate and financial news on the national level have been predicting doom and gloom and prices dropping in major markets by as much as 30% due to rising interest rates and inflation.


But here's why you shouldn't worry too much about those headlines here in Fort St John. The Northern BC real estate market is unique, and driven by different factors than in Southern markets.


For starters, we didn't see the same astronomical year-over-year growth that they experienced in larger markets. Prices here only marginally increased at a steady pace, which is ideal. With our neighbors to the South starting to feel the pinch, they often look for where the work is. Fort St. John has one of the strongest average household income to affordable housing ratios!


The Peace region is seeing an influx of new projects and businesses, meaning more opportunities for employment. This may lead to a change in the housing market, with more people competing for available homes. Despite this, interest rates are expected to rise in the future, so buyers should be aware of this when making their decisions.


Wondering what this means for you? Call or text me at 778-784-7845

Check out the snapshot of the September stats below

September Statistics

➡️ All Property Types ⬅️


Average Price: $392K

Days on market: 64

New listings: 73

Sold: 44


➡️ Detached ⬅️


Average Price: $396K

Days on market: 53

New listings: 44

Sold: 26


➡️ Attached ⬅️


Average Price: $262K

Days on market: 81

New listings:13

Sold: 8


➡️ House w/ Acreage ⬅️


Average Price: $585K

Days on market: 66

New listings: 8

Sold: 7


➡️ Mobile Homes ⬅️


Average Price: $252K

Days on market: 113

New listings: 8

Sold: 3


New Listings:

September 2022: 73

September 2021: 69


✅ Active Listings

September 2022: 318

September 2021: 335


Sales

September 2022: 44

September 2021: 64


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