House prices in Terrace are more expensive on average than anywhere else in northern B.C., according to the latest BC Northern Real Estate Board (BCNREB) quarterly report.
During the first nine months of 2021, the average selling price of a residential detached house in Terrace was $463,140. That is higher than in Prince George ($456,103), Prince Rupert ($418,985) and 100 Mile House ($407,608).
It is also up significantly from average prices in Terrace at this time last year, when houses were nearly $70,000 less expensive on average.
The average selling price in all 15 northern communities listed in the report is $394,310.
The BCNREB expects prices to keep rising for the rest of the year — the board predicts a 20 per cent increase in 2021 — driven by “extremely low inventory of available homes and continued heightened demand.”
“The combination of near-record sales and record low inventory is driving prices to new records. Residential prices are up roughly 25 per cent since the start of the pandemic,” the report states.
Major projects like LNG Canada, the Coastal GasLink pipeline and the Kemano T2 Project are listed as drivers of housing demand, with the Site C Dam also having that effect in the Peace region.
Since the start of 2021, there have been 305 properties sold in Terrace for a combined value of $124.6-million, up from 219 properties being sold for $76.1-million at this point last year.
Of those 305 properties, 168 were single-family homes. Half of those sold for less than $450,000 and took an average of 59 days to sell. Twenty-seven parcels of vacant land, 30 acreage homes, 19 manufactured homes in parks and nine manufactured homes on land have sold so far.
See the full list of the average selling price of residential detached houses and number of units sold as of Sept. 30, 2021:
- Terrace: $463,140, 168 units
- Prince George: $456,173, 861 units
- Prince Rupert: $418,985, 143 units
- 100 Mile House: $407,608, 148 units
- Smithers: $398,707, 84 units
- Fort St. John: $391,808, 320 units
- Kitimat: $380,238, 96 units
- Williams Lake: $378,727, 182 units
- Quesnel: $346,177, 122 units
- Vanderhoof: $259,198, 52 units
- Fort St. James: 252,204, 24 units
- Houston: $250,175, 33 units
- Fort Nelson: $202,983, 21 units
- Burns Lake: $186,650, 26 units
- Mackenzie: $175,937, 62 units