A12 - The Terrace Standard, Wednesday, October 26, 1994 Terrace has been best bet for real estate in the north RESIDENTIAL REAL estate has proven to be a better investment in Terrace than in either Kitimat or Prince Rupert over the past 20 years, indicates a report of a local appraisal company, Average sale prices in Terrace went up by more than 300 per cent from 1974 to 1994 compared to 200 per cent in Kitimat and 242 per cent in Prince Rupert, says Lane Appraisals Ltd. The report also states that the cost of renting has gone up the most in Prince Rupert — by 300 per cent compared to 228 per cent in Kitimat and 287 per cent in Terrace. Tn dollar terms, the average sale price of a home in Terrace is now $108,000 compared to $33,000 in 1974, Prince Rupert's average sale price is now $94,000 compared to $38,000 in 1974 while Kitimat’s average sales price on Skeena Street, for example, is now $65,000 compared to $31,500 in 1974, Average household income bas risen about the same, in the low 500 per cent range, for each of the cilies over the 20-year period. But given the increase in sales prices over the same period, it’s become more expensive — when compared to house prices — to buy one in Terrace than in the other two cities. ’ Average household income using Statistics Canada 1991 fig- ures for Terrace is. listed at $55,000 while it’s $57,000 in Prince Rupert and $57,000 in Kitimat. kakkk Specifically for Terrace, the TERRACE RESIDENTIAL real estate has proved itself to be a good Investment and that means work far homebuilders like Dar- ren Hedberg of Hedberg Construction, shown pounding the pieces together for a new hame on Gordon Avenue. average cost per square: [oot to build a house has risen by 292 per cent — from $32.50 ta $95, A view lot on Westview Drive cost $18,500 in 1974 but now goes for $65,000. A non view lot on Tuck cost $9,500 in 1974 compared to $35,000 today. A five-acre parcel on the Bench fetched $18,500 in 1974 but now costs $65,000, And acreage for development on the Bench now runs at $10,000 per acre compared to $3,500 in 1974, A Soucie Ave. home in the Horseshoe that cost $40,000 in 1974 will now cost $115,000 while a home on Weber Ave, now costs $70,000 compared to $23,500 in 1974, About the only factor that hasn’t changed is the mortgage rate. A lypical five-year rate in 1974 was 10.5 per cent compared to 10.75 per cent today, Housing market still strong REAL ESTATE sales figures may be down but it’s not a sign the market’s slowing, says a spokesman for the Northwest Real Estate Board. Instead, says Verne Ferguson, the supply of available homes has yet to reach the demand. “There are fewer homes avail- - able. There’s just about nothing in the $120,000 range. It’s pretty tight,” he said, ; Ferguson was commenting on official sales figures for the Mul- tiple Listing Service of the North- west Real Estate Board. For August, those figures indi- cate 43 sales of northwestem homes compared to 63 for August of £993, The average price for August was listed at $96,000 compared to $90,000 for the same month last year. Ferguson pointed out those fig- ures apply to all of northwestern B.C. and that the Terrace and area market continues strong. He also said exclusive listings, those which are held by individu- al agencies and not placed with the Multiple Listing Service, are not counted as part of the board’s overall sales figures. “Quite a few of. those- exclu- - sives don’t make it to the board level and we don’t keep track of those,’’ Ferguson added: Despite whatever official fig- — ures may indicate, Ferguson pointed out that prices continue to rise. That’s because sale prices have yet to reach what il costs to build homes. **You’re looking at at least $95 a square foot, if not $100 a square foot to build. Sale prices aren’t at thal replacement level,’’ he said. And although the residential housing construction industry is Strong, there haven't been a large number of spec homes — those built without first having an owner lined up — or subdivisions. developed, Ferguson said, “We're not overbduilding for the market, so we can expect selling prices to remain strong. It really is a case of supply and demand,”” he added. “We bear that in some cities where there is overbuilding the market is taking a bit of a beat- ing,”’ said Feguson, “Tt like to feel that here we're just plugging along. Prices will probably continue to go up with ‘no major jumps and no major drops,’? he said. Fall is a time of colour changes; therefore, in October, Changes offers you: a colour, cut and blow ary for $35.00 Y, Yy CHANGES 635-7737 wer BE ate. GRANT DAVIS 4727 Lazelle Ave., Terrace, BC © THEE LUNG ASSOCIATION : Don’t delay - Speeding Costs Almost 8,000 Injuries A Year. gel your fl shot today! Please, Slow Down. 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