Monday, April 6, 2015

Gap is closing for Prince Rupert's house pricing with neighbouring communities

Prince Rupert remains in the
more affordable stage at the
moment when it comes to real estate
Those that take a quick scan of our weekly Real Estate listings Archive every Monday morning won't be surprised to learn that our real estate market is starting to heat up significantly. 

However, as active as it is,  Prince Rupert's pricing scale still offers some opportunities for the would be buyer, compared to other areas of the region in the early months of 2015.

An overview from the Northern Development Trust initiative shows, that of the four largest communities of the Northwest, the best bargain in price point for a home is still to be found in Prince Rupert.

However, time it seems is not on the side of the would be buyer.

Particularly as potential development prospects continue to percolate in the region, with attention focused at the moment on Port of Prince Rupert Development and the potential development of LNG shipping terminals for the region.

Prices however are on the
increase in Prince Rupert
The NDIT recently published its report into
Northern British Columbia real estate and
Prince Rupert's real estate market is on the rise with an increase of just above 25,000 dollars found in properties  between 2013 - 2014. 

Though as our weekly listings might suggest, more increases can be anticipated for this current year as we move into the summer months.

When it comes to the average price of a home for the Northwest, Kitimat at the moment is the most expensive location to be looking for a home, followed closely by Terrace.

The numbers for the four Northwest communities can be found below:

Kitimat 318,046
Terrace  302,340
Smithers $247,000
Prince Rupert $217,000

For those looking for a home in Prince Rupert, the NDIT estimates that the average monthly mortgage payment for a first time buyer would be $1,172

And while Prince Rupert is clearly moving upwards in the asking price, there are some Northwest communities where the prices are declining. 

Smithers has seen a drop in price of $7,395 between 2013 and 2014.  

While Houston has the highest declines of the region at $9,484 a process that may continue as forestry woes continue to affect that community.

You can review more on the Northwest real estate overview from this item from NDIT

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