Lack of lots worries realtor

Can supply meet a growth in housing demand in Terrace, BC?

A TERRACE realtor isn’t sure if there are enough city residential lots for sale if demand grows for new housing.

Latest figures place the number of residential lots listed through the real estate industry’s Multiple Listing Service at 14, says ReMax’s John Evans.

That’s not really a whole lot,” noted Evans of the available inventory.

Of those lots, six are zoned R-1, the most common residential lot allowing for a one-family residence, with five zoned R-2 allowing for a duplex, one at R-3 allowing for low density housing and two at R-5 which allows for high density housing.

Prices start at $45,000, rising for reasons of size, location and zoning.

Evans did note that a rezoning application for one subdivision just off McConnell on the bench last year was rejected by council.

The application fit the city’s Official Community Plan but council’s rejection was based on neighbourhood complaints regarding density.

Had the property been rezoned, between 16 and 20 R-1 lots could have been developed.

Last year 30 single family, multi-family or mobile home residences were added within city limits.

The available residential lot inventory doesn’t include a number of lots in the newer subdivision area just east of Ecole Mountainview on the bench that are part of a development.

Those are set aside for an adult residential development consisting of duplexes.

 

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