Fort St. John – has been seen the real estate market in the city go for a small declining in the first half of 2015. Since the new year of 2015 the buyer and sellers have seen a decline in the demand of single family homes in the community.
During this time many people have noticed the incline in housing prices and the decline in buyers.
The oil and gas industry might be one of the causes for the decline in the real estate market with less oil being drilled because of the drop in cost per barrel.
“The communities that heavily depend on the oil and gas industries are experiencing some drops in volume,” said board president David Black in a release.
Higher priced homes over $550,000 have been selling really slow ever since the dip in the price of oil.
The housing prices that are more affordable and usually sell a lot quicker are in the price range of $250,000 to $450,000; however, there are limited houses that have that price tag to match.
Even though this price is what most people are looking for, it still take almost 50 days to sell a house in that price range.
Fort St. John is not alone in this recent home sales slump. Other cities are experiencing the same slump because of the oil and gas prices.
In Fort Nelson it takes over 100 days to sell a house that costs around $330,000. Sales are also down across the northwest, Prince Rupert and Terrace.
Despite the real estate market not being too great in Fort St. John, the people are optimistic that things will soon change, especially, once the Site C project is getting started soon.