Terrace, British Columbia Real Estate Market Data
Updated: Nov 2024
House
| Median price | $500,000 |
| Monthly growth | 1.2% |
| Quarterly trend | 3.5% |
| Stock on market | 0.8% |
Apartment
| Median price | $300,000 |
| Monthly growth | 0.9% |
| Quarterly trend | 2.1% |
| Stock on market | 1.2% |
Prices by Number of Bedrooms
Houses
| Bedrooms | Median Price |
|---|---|
| 2 bedrooms | $400,000 |
| 3 bedrooms | $500,000 |
| 4 bedrooms | $600,000 |
Apartments
| Bedrooms | Median Price |
|---|---|
| 1 bedrooms | $250,000 |
| 2 bedrooms | $350,000 |
| 3 bedrooms | $450,000 |
Demographics
| Current Population (2025) | 15,000 |
| Previous Population (2020) | 14,000 |
| Population Change | 7.1% |
| Total Private Dwellings | 6,000 |
| Occupied Private Dwellings | 5,500 |
| Population Density (per km²) | 1.5 |
| Land Area (km²) | 2,500.5 |
Market Analysis
Current Market Conditions and Trends
The real estate market in Terrace, British Columbia is currently experiencing a period of stable growth. With a median house price of $500,000, the market has seen a 3.5% year-over-year increase. This indicates a healthy demand for housing in the area. The median apartment price stands at $300,000, with a slightly lower growth trend of 2.1% year-over-year. These figures suggest that while there is growth in both sectors of the housing market, single-family homes are seeing a bit more robust appreciation.
Terrace’s population has grown by 7.1%, signifying a strong influx of residents which can be attributed to new job opportunities, lifestyle choices, or other factors attracting people to the area. This population growth is likely contributing to the increased demand for housing and can be expected to continue driving the market trends upward.
Investment Opportunities and Potential
For investors considering Terrace’s real estate market, there are promising opportunities particularly in the single-family home segment which is outpacing apartments in terms of price appreciation. With a median house price increase of 3.5%, investors may see sustained long-term capital gains. The significant population growth further bolsters the case for investing in residential properties as demand is likely to remain high.
Investors should also consider the rental market potential due to increasing population numbers. Rental properties may offer steady cash flow and could be an attractive option for those looking to capitalize on new residents who may initially prefer renting over buying.
Future Market Outlook
The future outlook for Terrace’s real estate market appears optimistic given current trends and demographic data. If the population continues to grow at its current rate or higher, it can be expected that demand for housing will keep pace or possibly increase. Considering this along with modest but steady price appreciation rates, Terrace presents itself as an appealing market for both homebuyers and investors alike.
However, investors and potential homebuyers should monitor economic factors such as employment rates, local industry performance, and interest rates which could affect affordability and demand within Terrace’s real estate market.
