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Northern Home Prices Rise Again
Home prices rose once again in the North last month, continuing a growing trend of going against the province's tendencies.
While 19% fewer homes were sold across the region last month compared to September 2011, the average sale price was 8.5% higher.
Year-to-date home prices in Northern BC have risen 6.5%compared to a 9% drop province wide.
It's the biggest percentage increase in the province with only the Kootenays and Kamloops areas also seeing a rise in price.
BC Real Estate Association Chief Economist Cameron Muir says the lower number of sales is partly due to lending rate changes and a shorter maximum amoritization period.
"It was the equivilant to increasing the mortgage rate by 100 basis points for a first time buyer so obviously that rose affordability a bit and it's going to squeeze some buyers out of the marketplace," said Muir.
The average home sale price in the North last month was $234,000 still far below the provincial average of $494,000.
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