New real estate report shows Terrace on top
TERRACE was the property sales champion of the Northwest in 2013, according to a report released today by the BC Northern Real Estate Board.
Compared to neighbouring cities of comparable size, Terrace saw 384 properties change hands in 2013, compared to Kitimat which had 235 and Prince Rupert 261.
“The 384 properties that sold in the Terrace area in 2013 were worth $87.8 million compared with 2012’s 318 properties worth $66 million,” reads the report.
By the end of December, there were 111 properties of all types available in the Terrace area, which was a drop from 157 in 2012.
The average sale prices in Terrace, Kitimat and Prince Rupert jumped significantly compared to previous years, the report shows.
The 235 total sales in Kitimat in 2013 were worth $56.9 million, compared to the 239 properties worth $41.3 million that sold in 2012.
In Prince Rupert, the 261 properties that changed hands in 2013 were worth $55 million compared with 160 properties worth $26.9 million in 2012.
These figures from all three of the Northwest's most populous towns roughly mirror the recent property values released by B.C. Assessments.
The board reported a total of 4,891 property sales in the northern region worth $1.2 billion in 2013, up from last year’s 4,696 sales worth $1.08 billion.
The northern region includes cities along Hwy16 north of Williams Lake to Fort Nelson and west along Hwy16.
Northern Real Estate Board president Gisela Janzen said in a release that sales in the Northwest region were highest this year compared to other northern regions, and that overall sales in the north rose by four per cent, continuing an upwards trend for the fourth straight year.
"Markets in the Northwest region performed extremely well, mostly driven by large economic projects and developments,” said Janzen. “Markets in the southern region remained largely unchanged from the previous year mainly due to a poorly performing labour market.”