A new report from the Chartered Professional Accountants of British Columbia notes of 105 housing units that began construction in 2021, making for a 150 precent increase compared to the year before.
The new construction making for a rebound from some challenging times from COVID of the last few years.
“The number of housing starts in Prince Rupert and Terrace declined in 2019, and this downturn continued in 2020 due to the COVID-19 pandemic. This changed in 2021, when housing starts rebounded to the highest number since 2018.” -- Jeanne MacNeil, CPA, CA, partner at Edmison Mehr Chartered Professional Accountants.
When it comes to the comparisons between the two communities the Accountants note of 88 new starts in Terrace in 2021 up 34 from 2020, while Prince Rupert realized 17 new housing starts in 2021 an increase of 8 from 2020.
Breaking it down by municipality, in 2021 there were 88 housing starts in Terrace, up from 34 in 2020; and 17 for Prince Rupert, up from 8.
In Terrace, 41 were detached units while 47 were attached units, such as condos, townhomes, and apartments. In Prince Rupert, all the starts were detached units."
Some increased industrial development in the Northwest including LNG development, mining and Port construction planning accounted for some of the push for new housing development, the report also notes how construction of the Mills Memorial Hospital and the additional services it will offer could help to create more investment in housing for the Terrace area.
The Chartered Professional Accountants of British Columbia Check Up on housing can be reviewed here.
More items of note on housing in the Northwest can be explored below
It sounds like Terrace actually has people that show up and want to work. Not just on weekdays, but probably weekends as well.
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