Real estate sales up in 2011 over 2010

TERRACE and area real estate sales jumped by $8 million in 2011 over the year before.

  • Jan. 9, 2012 1:00 p.m.

TERRACE and area real estate sales jumped by $8 million in 2011 over the year before.

According to the BC Northern Real Estate Board, last year, 267 properties sold in Terrace  through the Multiple Listing Service, totaling $50 million in comparison to 2010’s 224 properties which sold at a combined $42.5 million.

Of those properties, 152 were single family homes, half selling for less than $200,000.

Also, 23 parcels of land were sold, 22 homes on acreages, 23 manufactured homes in parks and another 13 on land sold.

At the year’s end, 188 properties of all types were listed through the Multiple Listing Service in the Terrace area – a small dip from 2010’s 190.

But local Remax realtor John Evans said that despite an increase in sales this year, higher prices aren’t here just yet.

“Prices have been very affordable, we have really seen very little change in our pricing.,” he said. “Yes it is up from last year but very slightly.

“It’s still a buyer’s market.”

Housing prices depend on a multitude of factors, including supply, interest rates, prices and demand among others. The reason sales of  houses jumped in 2011 can be attributed to these as well.

There’s been a good supply of houses being listed this year, said Evans. A larger supply can slow down price increases and interest rates have also been favourable, he continued.

“Prices have been very affordable,” he said. “Yes it is up but very slightly.”

And while Evans admits there is no crystal ball through which to see market trends, his best guess is that prices will start to rise.

“An improvement in our economy means we’ll continue to see an increase in demand, a decrease in supply and therefore an increase in pricing,” he said.

Northern real estate sales through the Multiple Listing Service rose by $85 million in 2011 to $951.6 million compared to $867.3 million in 2010.

Just Posted

BC BUDGET: New spaces a step to universal child care

Fees reduced for licensed daycare operators

BC BUDGET: NDP cracks down on speculators, hidden ownership

Foreign buyers’ tax extended to Fraser Valley, Okanagan, Vancouver Island

BC BUDGET: Payroll tax replaces medical premiums

Health spending to increase $1.5 billion for drugs, primary care teams

Northwest Community College board appointments made

New board members have NDP flavour

Terrace runner earns honour for U20 Team Canada

Tyler Dozzi takes silver in Pan American Cross Country Championships, gold with U20 team

VIDEO: Top 10 B.C. budget highlights

The NDP is focusing on childcare, affordable housing and speeding up the elimination of MSP premiums

How to keep local news visible in your Facebook feed

Facebook has changed the news feed to emphasize personal connections. You might see less news.

BC BUDGET: NDP hope to nix court delays with $15 million cash influx

Union says funding could stop sheriffs from leaving for higher paid jobs

BC Cattlemen’s Association calls for remediation of firebreaks to prevent erosion, spread of invasive species

Other concerns are fencing restoration and repair, and a lack of feed for cattle.

Patrick Brown’s Tory leadership bid fate looms

Brown’s bid to for Tory leadership to be decided on Wednesday

Alberta shrugs off B.C. legal challenge on wine ban

The potential fine Alberta faces for violating free trade rules according to economic development minister

Yelling vulgar slur at reporter not a crime says judge

Judge rules ‘vulgar’ slur against reporter was not a public disturbance

B.C. runner takes silver at Pan American cross-country championships

Tyler Dozzi’s medal pushes U20 Team Canada to gold finish

Hydaburg makes it three in a row

Hydaburg came back from 10 points down in the second half to beat Aiyansh

Most Read