Average Terrace, B.C. property value rises slightly

Despite overall regional decline, recent Northern Real Estate board figures show average price still climbed

  • Thu Jan 7th, 2016 1:00pm
  • News

The annual Northern Real Estate Board report on housing market activity for the northern region shows the average housing price in Terrace has gone up slightly compared to last year, although the number of houses sold has dropped.

According to the report, the average selling price of a total of 153 homes sold in Terrace in 2015 was $308,436.

This is slightly up from 2014, when 177 homes sold at an average price of $302,046.

In 2013, 219 homes sold at an average price of $251,477.

Taken at a medium value, of the 153 single family homes old in 2015 in Terrace, half sold for less than $307,000.

In terms of all the land, manufactured and other homes that sold in 2015 which totalled 271 properties changing hands, they were collectively worth $70 million, compared with 2014’s 351 total properties worth $87.3 million.

By way of comparison, Kitimat saw a much steeper drop in average selling price, from $318,046 (78 homes sold) in 2014 to $298,624 (82 sold) in 2015.