Terrace area home prices continute to increase. (THE CANADIAN PRESS Jonathan Hayward)

Terrace area home prices continute to increase. (THE CANADIAN PRESS Jonathan Hayward)

Prices up for single family homes in Terrace

Area ranked third in selling price for 2022

Selling prices of single family homes in Terrace and area continue to climb, rising from $475,280 in 2021 to $489,882 in 2022, show Multiple Listing Service figures released by the B.C. Northern Real Estate Board.

But sales dropped from 204 homes in 2021 to 157 last year.

The 2022 average selling price placed Terrace third among 15 northern communities with Prince George having the highest average selling price at $524,639 followed by Smithers at $512,228.

Like Terrace, the number of single home sales dropped in both Smithers and Prince George from 2021 to 2022.

That was not the situation in Kitimat where the average selling price from 2021 to 2022 dropped from $388,299 to $379,132 while the number of single homes increased, from 115 to 143.

The 2021 average selling price in Prince Rupert was $426,616, rising to $449,769 in 2022. Fewer homes sold there in 2022 — 134 — compared to 283 in 2021.

Mackenzie had the lowest average selling price at $183,404 based on 86 units sold, both slight increases over the average price of $177,635 in 2021 when 78 units sold.

Overall, 276 properties of all kinds worth $115.3 million in the Terrace area sold in 2022 compared to the 395 properties worth $168.8 million that sold in 2021.

Properties that sold included 22 parcels of vacant land, 15 homes on acreage, 20 manufactured homes in parks and 11 mor manufactured homes on separate parcels.

Overall, the B.C. Northern Real Estate Board said 2022 sales of 4,250 units marked a 23 per cent decline from 2021 levels but were on par with average sales of the past decade.

Not all jurisdictions featured an increase in average sale prices from 2021 with the real estate board saying the average price in the north was essentially flat in the fourth quarter of 2022 compared to the year before.

“With mortgage rates expected to remain elevated, and a likely slowdown in the economy on the horizon, housing market activity across the north will remain slow in 2023,” the board predicts.

“Slower sales and rising inventory will precipitate a slight decline in home prices, with the average price in the region slipping about one per cent over the next year.”

If the average selling price of a single family home in the Terrace area increased from 2021 to 2022, assessed value changes in the area varied depending upon neighbourhood locations.

Assessment figures used by governments to set tax rates are provided by the B.C. Assessment Authority as a median figure so that half of the homes are assessed below that figure and half above that figure.

And they are based on a sales snapshot as of July 1 every year and released in early January the following year so that values for 2023, for example, were established on July 1, 2022.

On the Southside of Terrace, the median value as of 2022 was $378,000, declining to $370,000 in 2023.

In the Horseshoe, 2022’s median value of $429,000 also declined, to $419,000 in 2023.

On the Bench area of Terrace, the 2022 median value of $524,000 rose to $553,000 in 2023.

The core area of Thornhill showed a median value of $251,000 in 2022 and that rose to $267,200 in 2023.

The Bench area of Thornhill also registered a median value increase, from $407,000 in 2022 to $417,000 in 2023.

The rural area of Terrace, which does not include Thornhill, had a median value of $287,000 in 2022 and that increased to $313,000 in 2023.

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