By Binny Paul, Local Journalism Initiative Reporter

Northwest B.C. is witnessing a dramatic real estate boom in the first half of 2021 as the COVID-19 pandemic-induced recession slowly begins to wane across the province.

While the number of properties sold in 2021 has doubled since 2020, the real estate prices have significantly increased too.

Realtors in the Terrace area sold 200 properties worth $84.2 million in the first six months of 2021, compared to 105 properties worth $34.1 million in the same period last year, according to a report released by BC Northern Real Estate Board (BCNREB) on July 9.

Half of the 112 single family homes that sold fetched less that $450,000. On average it took 60 days to sell those homes. In addition, 16 parcels of vacant land, 9 half-duplexes and 21 homes on acreages changed hands in the first six months of the year. At the end of June there were 231 properties available for purchase in the Terrace area.

The booming real estate trend is also an indicator that the steep pandemic-induced recession of 2020-21 is waning rapidly across the province and B.C. is on a trajectory to reach an economic growth rate of six per cent in 2021 – a 25-year high, based on BCNREB’s report.

This item is reprinted with permission from the Terrace, BC, Terrace Standard. For the complete article, click HERE

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