BC Assessment releases a snapshot of the real estate market in British Colombia from July 1 every year. (File Photo)

Home value in Terrace increases nine per cent, BC Assessment shows

In anticipation of a positive LNG announcement property values in Terrace shot up nine per cent in the last half of 2018.

The BC Assessment Authority released its annual snapshot last week of the real estate market across the province from July 1, 2018 — with Terrace seeing its single-family residential properties for 2019 now averaging $312,000.

In contrast, the 2017 assessment for family homes in Terrace dipped 1.3 per cent to $286,050.

Sheila Love, Terrace and Kitimat Re/Max managing broker, says this year’s assessment is good news but it’s already inaccurate to how the market is doing right now.

“Once that LNG announcement finally happened, our prices did go up. The next assessment is going to be even better.”

READ MORE: Vancouver home sales fall to lowest total since 2000

She says that the average sale price of a home in November 2018 had an actual market value of $428,000, a dramatic increase from 2017 when that value was averaged at $337,000.

She says she expects values are only going to increase.

“Everyone is anticipating that the spring is going to be very good for the Northwest, I think great for sellers. Buyers are going to have opportunities because there is going to be new construction,” says Love.

BC Assessment records show there were 21 new single-family residential buildings that began construction in 2018 and many more are expected this year.

“We’re already seeing it now, there are more people in town — things seem a bit busier. Now, residential is a priority. People are just concerned about getting here and once the LNG is up and going with the construction, you’ll start seeing secondary industry and demands for industrial and business properties.”

BC Assessment recorded midway through 2018 that light industry has increased 10.28 per cent while business developments have climbed 3.5 per cent.

The Horseshoe area of Terrace has seen the highest assessment increase, with its median value increasing 10.8 per cent. Southside is not far behind, with an increased median value of 8.3 per cent.

Although the Bench area has only increased by 2.9 per cent, its median value of $387,000 is Terrace’s highest for residential properties. Lower Thornhill’s growth increased by 5.9 per cent, while Upper Thornhill has gone up 3.5 per cent.

READ MORE: Kitimat tops northwestern BC single family home value increase list

Property tax bills will be determined when the city’s budgets are set. But often the assessment doesn’t dramatically affect the property tax bill, especially if the increase is less than average for homeowners.

At press time the City of Terrace has not responded to interview and information requests from the Terrace Standard.

In Kitimat, residential property values increased by 20 per cent and are expected to rise in the coming years.



Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Horgan makes campaign stop in Terrace and Kitimat

BC NDP leader met with local First Nations leaders, reiterated campaign promises

Unofficial holidays: Here’s what people are celebrating for the week of Sept. 27 to Oct. 3

World Farm Animals Day, Drink Beer Day and Virus Appreciation Day are all coming up this week

‘Monkey Beach’ supernatural film adaptation premiers at VIFF

Based on Kitamaat author Eden Robinson’s debut, mystical novel

COVID-19 cases grow to 13 at B.C. First Nation near Fort St. James

“This is very serious,” says Nak’azdli Whut’en Chief

Ecosocialists nominate candidate for Stikine

Edward Quinlan is the new party’s regional director for Skeena and Bulkley Valley regions

QUIZ: Do you know what’s on TV?

Fall is normally the time when new television shows are released

Canadian ski resorts wrestle with pandemic-vs.-profit dilemma as COVID-19 persists

Few are actually restricting the total number of skiers they allow on the hill

Victoria-area RCMP locate high-risk sex offender thanks to help of taxi cab driver

Scott Jones wanted on a Canada-wide warrant, ‘a risk to women and girls,’ police say

A (virtual) walk around the world by 88-year-old B.C. man

George Doi says it’s simple: ‘I like walking’

End of CERB means uncertainty for some, new system for others

As of a week ago, the CERB had paid out $79.3 billion to 8.8 million people

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Horgan, Wilkinson trade barbs over MSP premiums, health care at campaign stops

Horgan called a snap election for Oct. 24 earlier this week

PHOTOS: 2nd calf in a month confirmed among Southern Resident killer whale pod

Center for Whale Research said they will eagerly await to observe the calf to evaluate its health

Most Read