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Property sales drop in Terrace amid high prices

Terrace ranks third most expensive place to buy a home in northern B.C. after Prince George as Smithers vaults to most costly community
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A for sale sign. (Clarise Larson/Black Press Media)

Terrace came in as the third most expensive place to buy property in the north to the end of September, following Prince George, which came in second after Smithers vaulted into the most expensive place north of 100 Mile House.

The average selling price of a single family home in Terrace to the end of September was $489,529 compared to $527,579 in Prince George and $548,821 in Smithers.

Real estate sales through the Multiple Listing Service (MLS) continue to drop in the Terrace area when looking at comparable periods in 2021, indicate the latest statistics from the B.C. Northern Real Estate Board.

In the first nine months of the year, 232 properties worth $96.1 million were reported sold in the Terrace area, compared to 297 properties worth $124.5 million during the same period last year.

Half of the 130 single-family homes that have sold so far this year, sold for less than $475,000 and these homes took, on average, 54 days to sell. Also changing hands were 21 parcels of vacant land, 11 homes on acreage, 15 manufactured homes in parks and 10 manufactured homes on land.

At the end of September, there were 198 properties of all types available through the MLS in the Terrace area.

Sales rose by a small margin in Kitimat where 167 properties worth $58.9 million have changed hands in the first nine months of 2022, compared to 160 properties worth $57.1 million to September 30, 2021.

Of the 117 single-family homes sold so far this year, half sold for less than $359,000. These homes took, on average 92 days to sell.In addition, 18 half duplexes and 9 townhomes were also sold this year. At the end of September there were 134 properties of all types available through the MLS in the Kitimat area.

Across the whole north and down as far as 100 Mile House, total sales through MLS dropped considerably for the first nine months of this year compared to the same period in 2021.

While 5,306 properties sold to the end of September last year worth $1.9 billion, the number dropped to 4,141 properties worth $1.7 billion for the same period this year.

“Sales in the B.C. Northern region fell to below pre-pandemic levels for the first time since the onset of the COVID-19 crisis,” reported the real estate board.

“Within the quarter, sales fell sharply, and in September were at their lowest level since 2010 on a seasonally adjusted basis.”

The real estate board said that average sales prices are dropping and days on the market are increasing at a gradual pace.

“As the Bank of Canada continues tightening, albeit at a slower pace going forward, we anticipate that mortgage rates will continue to drag on prices and sales,” it added.


 


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