Real estate sales climbed in Terrace in 2021. (THE CANADIAN PRESS Jonathan Hayward.)

Terrace real estate sales continue to climb

Average price now the highest in northern B.C.

Real estate sales in Terrace and area grew in 2021 over 2020, indicate year end statistics released by the BC Northern Real Estate Board and by enough to place the city as having the highest average sales price in northern B.C.

In 2021, 412 properties sold worth $173.2 million compared to 318 properties worth $114.1 million in 2020.

Of those 2021 sales, 213 were single-family homes with half selling for less than $450,000.

The average price for the 213 homes sold in 2021 was $467,492, a healthy rise over the 2020 average price of $400,539 when 163 homes sold and the $398,553 average price in 2019 when 155 homes sold.

Coming right behind Terrace for average sale prices in 2021 was Prince George at $457,804 with Prince Rupert next at $427,776 and Smithers at $403,282.

The most inexpensive homes in 2021 could be found in Mackenzie in the northeast at an average price of $178,287 with Fort Nelson not far behind at $206,844.

In all, the real estate board says there were 6,701 property sales worth $2.4 billion in 2021 through the Multiple Listing Service, up from 2020 figures of 5083 sales at $1.6 billion.

The real estate board says a combination of very strong sales and record low listings is pushing prices up to record amounts.

“Residential prices are up roughly 28 per cent since the start of the pandemic and in [the fourth quarter of 2020] averaged $399,615,” the board said in a statement.

The board did note that listings remain low and predicts that will put upward price pressure on homes.

“We expect markets will remain tight through the first half of 2022 before rising mortgage rates and expected tightening by the Bank of Canada starts to temper demand,” the board stated.