Terrace, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $495,000 |
| Monthly growth | 1.1% |
| Quarterly trend | 3.8% |
| Stock on market | 0.7% |
Apartment
| Median price | $310,000 |
| Monthly growth | 0.8% |
| Quarterly trend | 2.5% |
| Stock on market | 1.0% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $425,000 |
| 3 bedrooms | $495,000 |
| 4 bedrooms | $615,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $260,000 |
| 2 bedrooms | $360,000 |
| 3 bedrooms | $460,000 |
Demographics
| Current Population (2024) | 15,050 |
| Previous Population (2019) | 14,600 |
| Population Change | 3.1% |
| Total Private Dwellings | 6,200 |
| Occupied Private Dwellings | 5,800 |
| Population Density (per km²) | 1.6 |
| Land Area (km²) | 2,505.0 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Terrace, British Columbia currently presents a stable growth environment. The median house price stands at $495,000, which represents a modest year-over-year increase of 3.8%. This increment indicates a steady demand for housing in the area, reflecting the robustness of the market despite broader economic uncertainties.
Similarly, the apartment market is following an upward trend with the median apartment price reaching $310,000, marking a year-over-year increase of 2.5%. This growth suggests that smaller housing units are also experiencing sustained buyer interest, potentially from first-time homebuyers or investors looking for rental properties.
The population of Terrace has reached approximately 15,050 residents, demonstrating a healthy growth rate of 3.1%. Population growth is a significant driver for housing demand, and this increase implies that the local real estate market could continue to benefit from an expanding base of potential homeowners and tenants.
Investment Opportunities and Potential
Investment opportunities within Terrace’s real estate market are promising due to consistent population growth and stable price trends. The continued appreciation in house prices at 3.8% per annum suggests that investments in residential properties have the potential to yield solid returns over time.
Apartments offer an attractive entry point for investors owing to their lower median price point and a steady appreciation trend at 2.5% per annum. Investors might consider leveraging these assets as rental properties given the growing population and demand for diverse housing options.
The current market conditions also suggest that there may be opportunities in property development projects aimed at meeting the increasing housing needs of the community. With strategic planning and consideration of local demographics, developers could capitalize on this burgeoning demand.
Future Market Outlook
The future outlook for Terrace’s real estate market appears optimistic based on existing trends and underlying fundamentals. Assuming similar economic conditions prevail, we can anticipate continued moderate growth in property values driven by population expansion and sustained demand.
However, prospective buyers and investors should remain cognizant of external factors such as interest rates, employment rates, and regional economic developments that could impact overall market performance.
In conclusion, Terrace’s real estate market is characterized by stable growth with promising prospects for investment. It remains essential for stakeholders to monitor both local and national economic indicators closely as these will play crucial roles in shaping the future trajectory of property values in this region.
