Terrace’s housing market remains active through 2025, with consistent sales and increasing property values reflecting continued confidence in the local market.
According to the recent data from the BC Northern Real Estate Board, 219 properties valued at a total of $120.3 million were sold in the City of Terrace in the first nine months of this year, compared with 209 properties valued at $93.2 million in the same period in 2024.
The average selling price per single-family home in Terrace is now $564,335 as of Sept. 30, showing an approximate $40,000 increase compared to the previous year’s average price of $525,050 on the same date. In comparison, the year-to-date average price in 2023 stood at $500,716.
The regular increase- from $500,716 in 2023 to $525,050 in 2024, and now to $564,335- highlights the city’s growth in property values. Half of all single-family homes sold so far this year went for less than $545,000, and those properties spent an average of 37 days on the market.
In addition to detached homes, sales included 11 lots of vacant land, 26 homes on acreage, 11 park manufactured homes in parks, and 7 manufactured homes on land. As of the end of September, 182 properties of all types were on the market via the Multiple Listing Service® (MLS®) in the Terrace market.
Across the BC Northern Real Estate Board, the third quarter saw increased sales, with Terrace among the areas experiencing increased growth. Data from the board indicates the area continues to sit just above the balanced conditions upper threshold, leaning toward a seller’s market as inventory levels remain about 30 per cent below long-term norms.
Northern B.C.’s average sale price was as high as $455,864, with Terrace exceeding that figure. Despite broader economic pressures and ongoing levels of Northern industries’ tariff effects, the survey indicates that the Terrace housing market remains strong, supported by steady population growth, infrastructure investments, and consistent housing demand.
