Average home prices in Kitimat were $380,238 this year (Black Press Media/File Photo)

Average home prices in Kitimat were $380,238 this year (Black Press Media/File Photo)

Report: Terrace has the highest average house price in northern B.C.

Near-record sales and record low inventory is driving prices to new heights in 2021

House prices in Kitimat saw a rebound in price this year, according to the latest BC Northern Real Estate Board (BCNREB) quarterly report.

In 2020 house prices in Kitimat were $343,569 with 79 units available. However, this year there were 96 units available at an average price of $380,238

Home Prices in Terrace were the highest in the north at $463,140. That is higher than in Prince George ($456,103) and Prince Rupert ($418,985).

The average selling price in all 15 northern communities listed in the report is $394,310.

The BCNREB expects prices to keep rising for the rest of the year — the board predicts a 20 per cent increase in 2021 — driven by “extremely low inventory of available homes and continued heightened demand.”

“The combination of near-record sales and record low inventory is driving prices to new records. Residential prices are up roughly 25 per cent since the start of the pandemic,” the report states.

Major projects like LNG Canada, the Coastal GasLink pipeline and the Kemano T2 Project are listed as drivers of housing demand, with the Site C Dam also having that effect in the Peace region.

Since the start of 2021, there have been 158 properties sold in Kitimat for a combined value of $56.2-million, up from 119 properties being sold for $37.5-million at this point last year. By the end of Sept., there was a total of 149 properties available in the Kitimat area.

So far this year, there has been a total of 96 single-family homes sold and half of those sold at less than $369,000. The homes then took about 81 days to sell.

See the full list of the average selling price of residential detached houses and number of units sold as of Sept. 30, 2021:

  1. Terrace: $463,140, 168 units
  2. Prince George: $456,173, 861 units
  3. Prince Rupert: $418,985, 143 units
  4. 100 Mile House: $407,608, 148 units
  5. Smithers: $398,707, 84 units
  6. Fort St. John: $391,808, 320 units
  7. Kitimat: $380,238, 96 units
  8. Williams Lake: $378,727, 182 units
  9. Quesnel: $346,177, 122 units
  10. Vanderhoof: $259,198, 52 units
  11. Fort St. James: 252,204, 24 units
  12. Houston: $250,175, 33 units
  13. Fort Nelson: $202,983, 21 units
  14. Burns Lake: $186,650, 26 units
  15. Mackenzie: $175,937, 62 units