The positive Canada LNG announcement has swept Kitimat’s housing market almost clean of available properties and buyers are now looking to Terrace.
“Realtors in Kitimat are just run off their feet. They’re getting calls from all over from people wanting to write offers and invest in this area, and now Terrace is getting the overflow because there’s a lack of inventory in Kitimat,” said Sheila LoveRe/Max managing broker for Terrace and Kitimat.
But if demand soars for accommodation, landlords can put their units on the market at much higher prices than current rates, said Kitimat realtor Graham Pritzel.
“Rent rate increases are just one of the many changes our town is going to face, along with increased property values for owners to be able to draw equity from for home improvements to make our town look even better,” Pitzel added.
With all the attention sweeping the real estate market, should there be more protection put in place for renters in Terrace?