The average price of a detached house in Kitimat and Terrace has soared over the past year as the effects of the massive LNG Canada project in Kitimat begin to take hold.
As of June 30, the average price of a Kitimat house was $392,128 compared to $256,128 as of June 30, 2018 while the average price of a Terrace house has climbed to $386,494 from $321,985 over the same period.
Two years ago, the average selling price of a single family detached house in Kitimat was $241,846 and $311,850 in Terrace.
The increases are tops among the northern B.C. communities surveyed by the BC Northern Real Estate Board in releasing sales results for the first six months of this year.
But the number of sales have declined with 71 properties worth $37.7 million sold in Kitimat for the first six months of this year compared to 95 properties worth $22.7 million last year. And 134 properties worth $45.6 million sold in Terrace so far in 2019 compared to 173 properties worth $49.6 million for the same period in 2018.
The results aren’t surprising to Kitimat Re/Max realtor Graham Pitzel, noting there was a flurry in sales last October immediately following the announcement from LNG Canada that it would proceed with its $40-billion liquefied natural gas project in Kitimat.