August 2011 B.C. Economic Fundamentals

[Ally]

Northern BC home sales improve in July







The number of homes sold through the MLSÂ System of the BC Northern Real Estate Board was up from year-ago levels in July 2011 and the average price paid for those homes also increased from a year earlier.









According to the Board`s statistics, home sales totaled 375 units in July, up 11 per cent from the same month last year. On a seasonally adjusted basis sales were up six per cent from June, and reached the highest level since last May.









`Demand strengthened further in July, building on the gains made in June,` said Victor Prystay, President of the BC Northern Real Estate Board. `That said, regional housing market trends often differ from the overall trend due to local factors within the very large area served by BC Northern Real Estate Board. That`s why buyers and sellers should consult their local REALTOR[sup]Â[/sup] to understand how the housing market is shaping up where they live.`



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[Ally]

Rental crunch hits tumbler ridge




It's a classic case of supply and demand - with an influx of contractors, crews and families drawn by re-opening and expanding coal mines, the housing crunch has officially arrived in Tumbler Ridge.




Property managers for Re/Max and Cascade Realty each report their rental stock has been fully occupied for at least three weeks, and anyone looking for a place to move into is now on a waiting list. Three to four bedroom furnished homes with furniture are now renting for $2,200 to $2,600 each month. Several homes have all available rooms rented to shift workers and out-of-town contractors.




While the rates are affordable to some companies and crews, the rental crunch is hitting families particularly hard.





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