Terrace has seen an increase in the number of properties sold during the first quarter of 2018, according to a snapshot of the BC Northern Real Estate Board.
According to the report, fifty-six properties were sold between January and March, valued at $14.5 million in total. As of March 31, there were 200 properties of all types available for sale in the area, a slight dip from the 212 available last year.
The demand for single-family homes in the area has gone up by 38 per cent as well, with 29 properties sold, according to a press release sent by the city.
In comparison, Prince Rupert saw a similar demand for single-family homes but has fewer listings available.
Kitimat is approaching a seller’s market with sales nearly doubling over the past year and a drop in available properties from 102 to 60.
Danielle Myles, Terrace’s economic development manager, said the city’s real estate prices are competitive and affordable when compared to other urban centres in the northwest region.
“Generally speaking…Terrace continues to be a stable place to do business and invest,” Myles said over the phone.
The BCNREB findings were among several economic indicators Myles presented to council last week. Other highlights include:
Vacancy rate
There’s been 2.2 per-cent increase in Terrace’s vacancy rate for 2017, bringing the total rate for all rental properties to 6.5 per cent according to the Canada Mortgage and Housing Corporation.
Workforce
The regional unemployment rate for the Northcoast and Nechako region jumped up by 2.1 per cent to 7.6 percent over three months, according to Work BC. With the highest unemployment rate in the province, that number is significantly higher than the 4.7 per cent provincial average. About 68 per cent of employment in this region was in the services sector.
Business licenses and development
As of March 31, the city issued 23 new business licenses and had 1,202 active business licenses that had been renewed from the previous year. In 2017 during the same time period, there were 49 new business licenses issued, although the total number renewed was slightly less.
Construction values are expected in the next economic development update.
Airport
Passenger traffic at the Northwest Regional Airport has seen a slight increase of two per cent over the past year, which is the first increase experienced since the completion of the Kitimat Modernization Project whose employment numbers have been declining since 2014. For the fiscal year of 2017 to 2018, the airport’s total passenger count was 222,114.