The first quarter of 2024 showed some resilience for Kitimat’s real estate market, registering an increase in property values despite a decrease in the volume of sales. According to the BC Northern Real Estate Board’s (BCNREB) quarterly report, 36 properties, totaling $12.9 million, changed hands in Kitimat during this period, up from 31 properties worth $10.1 million in the same quarter last year. This upward trend in value suggests a continued demand for homes in the area, particularly single-family homes, which made up the bulk of the transactions.
The rise in Kitimat’s property values contrasts with the decrease in the number of sales. By the end of March 2024, there were 105 properties listed for sale, showing an increase from 94 properties at the same point in 2023, suggesting that while sales pace may have slowed, inventory levels are gradually building up.
READ MORE: Q1 2023 — Kitimat home prices up despite fewer sales
In comparison, the real estate market in Terrace has also seen significant growth. In the first quarter, 61 properties worth $28.3 million were sold, a sharp increase from 48 properties valued at $19.3 million in the previous year. The diversity in property types, including single-family homes and manufactured homes, contributed to this growth. However, Terrace experienced a notable decrease in the number of properties available, dropping to 138 from 195 last year.
Regionally, BCNREB reported a total of 822 sales worth $329.2 million in the first quarter of 2024, an increase from 719 sales worth $266.9 million at the end of March 2023. Despite this growth, the overall sales activity in the region remained below the seasonal average. The sales were approximately 9 per cent below the historical average, with market activity cooling in some areas but showing signs of recovery in others like Kitimat and Terrace.