The B.C. Northern Real Estate Board expects tightening by the Bank of Canada and heightened mortgage rates will continue to temper demand, softening prices and sales. (File photo)

The B.C. Northern Real Estate Board expects tightening by the Bank of Canada and heightened mortgage rates will continue to temper demand, softening prices and sales. (File photo)

Terrace real estate sales dip as prices increase

Terrace ranks third in the north for cost to buy a home

Real estate sales in Terrace and area through the Multiple Listing Service dipped from January to June this year compared to the same period last year according to statistics released by the B.C. Northern Real Estate Board.

A total of 172 properties sold for a combined cost of $70.6 million in the first half of this year. That’s down from 190 properties selling for a total of $80.7 million in the first half of 2021.

Of the 94 single family homes that sold, half of those sold for less than the average price of $476,500.

The average overall sales price increased to $492,969 over the average sales price of $463,282 for the first six months of last year in a marked jump from the $370,891 average sales price in 2020.

Terrace’s average sales price was third in the north, behind Smithers at $570,040 and Prince George at $529,729.

Of the 14 northern B.C. communities surveyed, homes in the northeast community of Mackenzie sold for the lowest average amount, which was $177,560.

The average time for homes in Terrace and area to sell was of 57 days, compared to 60 days in 2021.

The report also included two new sales reporting areas — Iskut/Atlin and Hazelton/Highway 37. Previously Iskut/Atlin had been included with Terrace while Hazelton/Highway 37 was included Smithers and area.

For Iskut/Atlin, there were four properties that sold for a combined total of $1 million from January to June last year compared to three properties selling for a total $1.3 million for the first six months of this year.

In Kitimat, 105 properties worth $36.4 million in total sold in the first six months of this year compared to 121 properties worth $44 million in the first half of last year. Of the 70 single family homes that sold, half sold for less than $357,250 and it took an average 104 days for a house to sell.

Total sales across the B.C. Northern Real Estate Board area, which runs from the North Coast east to the Alberta border and from the Yukon border south to 100 Mile House, also dropped in the first six months of this year compared to last year.

From January to June last year there were 3,561 property sales while the total this year was 2,895. The dollar value stayed the same for both time periods at $1.2 billion.

“We expect that in the second half of the year tightening by the Bank of Canada and heightened mortgage rates will continue to temper demand, softening prices and sales,” a news release from the B.C. Northern Real Estate Board indicated.

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