No. 2: Terrace, B.C.
Terrace is a 30-minute drive from Kitimat, where the $40 billion liquefied natural gas terminal will complete in in 2024 as the biggest resource project in Canadian history.
And Terrace is where the regional residents shop and live, opening opportunities for retail and residential real estate.
“Terrace is the only livable community within commuting distance to Kitimat,” said Elena Yelizarov of EXP Realty, Vancouver.
Terrace’s population is expected to double over the next five years as billions of dollars in development, including a new surgical hospital, schools and industrial projects transform the area. Yelizarov is working with Swiss Real on a 21-unit detached house subdivision aimed at investors, where the new four-bedroom houses sell for $675,000 and have guaranteed corporate rent for two years at $6,000 per month, with renewal options. Half the development is sold.
Terrace bucked a trend of declining housing prices in the north this year, with average prices increasing to $500,716, just behind Prince George, the largest northern city, according to the Northern B.C. Real Estate Board.