Monday, March 21, 2022

Terrace outpaces Prince Rupert in new home construction in recent information report from Chartered Accountants

When it comes to new housing starts, the pace is on the increase in both of the Northwests two largest communities, but the volume of new housing starts is very much delivering more volume for Terrace over Prince Rupert.

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.

"There were 105 units that began construction in Prince Rupert and Terrace in 2021, up from 42 in 2020 and 71 in 2019, but down from the record 174 housing starts in 2018. 

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

1 comment:

  1. It sounds like Terrace actually has people that show up and want to work. Not just on weekdays, but probably weekends as well.