Owning a home in Terrace is quickly getting harder. The average house price rose to $439,154 at the end of March compared to $376,626 at the same time last year. That works out to a 26 percent price increase.
“The Terrace area price increase was more than the average 22 per cent hike within northern B.C. and the average price was also higher than the northern average of $361,102,” the Terrace Standard reports.
Why are prices becoming so crazy? “Real estate analysts attributed the pricing growth to a continuing recovery from last spring, when the COVID-19 pandemic first began to take hold,” the newspaper writes. “Analysts also attributed price increases to a drop in the number of listings.”
That’s good news for homesellers and the local real estate industry but it could also increase the risk factors for homelessness in Terrace, especially if the higher home prices lead to an increase in rents.
A city report last year determined that “about half of homeless residents reported that the main barrier to housing was the cost of housing. Rents are prohibitively high.”