The average price of the houses sold between March 31, 2024 to March 31, 2025 was $545,067 — the highest amount of all northern B.C. communities, according to the Northern B.C. Real Estate Board. The average came from 35 sales of residential detached houses.
Smithers and Williams Lake were a close second and third, coming in at $528,250 and $527,630 respectively.
The price of houses sold in Terrace has rose steadily since 2008. In recent years, Terrace had an average sale price of $465,944 in 2022-23, and $512,059 in 2023-2024.
Sheila Love, director of RE/MAX Coast Mountain's – Terrace, explained the price increase as Terrace being the hub of northwest B.C.
"We are finding that people who have jobs in the surrounding area may choose to live here due to a few more facilities being available. Having the new hospital has also made Terrace more appealing."
Love added that she has seen "quite a few" new people moving to Terrace for work, and first-time home buyers getting into the market.
"The vacancy rate is quite low, resulting in high rents which also encourages tenants to buy rather than continuing to rent."
She shared that there is currently a sellers market, as in February and March, her team at RE/MAX has experienced a sales to active ratio over 22 per cent.
According to the Northern B.C. Real Estate Board, "The threat of tariffs, largely directed at the bedrock industries of the northern economy, has the potential to upend a strong start for Northern markets."
