AS - The Terrace Standard, Wednesday, January 19, 2000

House prices slumped further in ‘99

REAL ESTATE prices
here continued to slump
through 1999.

The average selling
price of a single family
home was $130,078 in the
last six months of 1999,
according to the B.C.
Northern Real Estate
Board.

from $132,007 in the first
half of the year, and down
nearly 14 per cent from the
average selling price of
$147,833 in the last six
months of 1998.

Sale prices have been
irending lower for the last
couple of years.

$160,000 in the second
half of 1996.

But while prices went
lower, the number of prop-
erties sold began to re-
bound in the second half of
1999,

More than 150 units
were sold here in the last
half of the year, twice as

six months.

Overall the year saw
226 properties sell, up
from 195 in 1998, Year-end
saw 273 properties for sale.

“While some areas are
still struggling, it appears
we are slowly gaining mo-
mentum,” said B.C, North-
ern Real Estate Board

That’s down slightly here

Building slowdown

NEW CONSTRUCTION - the most
palpable demonstration of the growth
of Terrace — boomed through most of
the 1990s before collapsing in 1998.

Senior city building inspector
Paul Gipps projects in his year-end
report that last year will likely mark
the lowest point of the recent build-
ing slump.

Construction finished the year at
just over $6.6 million - a pale shad-
ow of the peak construction years of
‘around $25 million in 1995 and 1996.

“1999 will probably still go down
as the turning point of the recent
construction slow down,” Gipps said.

i “Regionally Terrace has led the
construction industry throughout the
nineties with the exception of this
last two years,” he said.

“I am confident that Terrace will
continue to be the leader in this area
over the next decade as well.,”

Average house prices
peaked

around

many as sold in the first

may have turned

president Judy Gaboury.

Gipps said.

jhas Jed our con-

Most of the
1990s saw un-

Annual construction totals

and new facilities

precedented

growth in resi- 25000000
dential con- 22500000
struction. 20000000
The com- 17800000
ial tor 15000000
mercial sec ¢ 12600000
also expanded, too00000 fe
with the not- 7600000

able develop- 5090000
ment of key big 2500000
box retailers, 0
industrial com-
panies also saw

to house the
growing number

stay,” he said.

A number of stich
projects await
government
spending appro-
val, he added,
and could drive
the construction
industry for the

1991-1999

some reason-
able growth, Gipps said.

What was most lacking and re-
mains desperately needed, he said,
is institutional sector growth.

“We have needs for new schools

40-50%"

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‘prices weFeecr

to support the residential growth that

next couple of
building seasons. ;

“I am confident that over the next
few years this sector will lead our

construction industry as Terrace’s -

growth continues to improve,” Gipps
noted.

struction industry; —--.- =

of seniors who.
have chosen to.

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ANGELICA and her staff at

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ALL VERTICAL BLINDS

for the month of January

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