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Terrace & Prince Rupert Rental Market Update - Mar 1, 2017

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Terrace & Prince Rupert Rental Market Update – Mar 1, 2017

Terrace February Vacancy: 5.0%, tightening up a bit from the 6.7% in January. Rents remain about the same at:
Rent 2 bdr $1,000
Rent 3 bdr $1,470
For Prince Rupert, we saw a few more vacancies with the rate edging up to 4.2% from last months 2.8%. The rental market remains tight. Rent rates have not changed:
Rent 2 Bdr $900
Rent 3 Bdr $1,400
On the LNG issue, Lax Kw’alaams and Metlakatla signed off on a $200M + benefits agreement February. This will remove a major roadblock for the Pacific Northwest LNG (Petronas led) project in Prince Rupert.
Also, it’s been reported that Petronas is considering working together with Shell Canada Ltd. for the construction of docking facilities off Ridley Island, which would require cooperation from Shell, a rival in Northern BC. If a deal goes ahead, there could be substantial cost savings to both parties, which may help these projects move along faster.
Petronas is still expected to make a final investment decision this year.

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Posted by:
Derek Kaufman

Posted on:
March 1st, 2017

Posted in: