Kitimat’s real estate market has cooled slightly in 2024, reflecting broader regional trends, while maintaining steady activity. According to the latest report from the B.C. Northern Real Estate Board, in the first nine months of the year 144 properties worth $52.8 million changed hands, a small decline from 2023, when 147 properties valued at $59.6 million were sold by the end of September. Single-family homes remain affordable, with half of the 98 homes sold priced below $371,000. On average, these homes took 75 days to sell.
In contrast, Terrace’s real estate market has been more active in 2024. Although sales are slightly down from last year, the city still saw a strong number of transactions. Homes in Terrace continue to be priced higher than in Kitimat, with the median price for single-family homes around $530,000. These properties also sold more quickly, typically within 53 days.
Market activity varied across the north. Sales increased in Prince George, Prince Rupert, Smithers, and Terrace, while declining in Fort St. John, Kitimat, and other towns. The BC Northern Real Estate Board noted, “we would not consider the market as being hot, with prospective buyers potentially waiting for mortgage rates to drop in response to the Bank of Canada’s policy-cutting regime. We expect the bank to continue cutting rates into the Winter and 2025 to stimulate the national economy. From these policy announcements, housing market activity may begin to accelerate as borrowing cost conditions continue to improve for buyers.”
