Over the last couple of days, since the news that a 40B dollar LNG project will get the go-a-head in Kitimat, BC, the wave effect in the housing market has started its upward climb. Now, living here, one town away, seeing the effect spill over here into the Skeena Valley, is no big surprise. In just a few days, prices for homes have increased, and several were scooped up within in hours after the big announcement. Let the gouging being!
To give you some examples, one home that I was keeping an eye on, that house on Molitor Street, went from 199k to 299k in one single leap up. At the other end of town, on Olson Street, a home that sold a few months ago, went back on the market, selling for almost double the original price–while still under construction in renovation.
The fear in the coming months, on the current rental markets, are that rate of renovictions will start increasing. Now that the Vancouver market has perfected the practice, is almost certain that this will evolve into the Pacific North Coast. As the new NDP government has not shown signs of changing the law, many low income people that I have talked to are very, very scared. Yes, land lords want in on the money too, so marginalized citizens of the Skeena Valley will be the victims of the economic success in the coming months.
The underline message is that unless you get that $35 (plus) dollar per hour employment, do not move here. The Skeena Valley is no stranger to the boom-bust of the business cycle. When I lived here as a kid, I remember the highs and low of the ’80s, and ’90s. I kept an eye on the boom cycle here in the 2011 season, lasting about five years. So the patterns are well imprinted here. This boom cycle will no doubt yield that same results. The good news, for the well settled person, with deep roots here, the effects should be “life as normal.” If you are already a home owner, and with good employment, your worries are few. Market demands, are just that, and you will pay for that if you want to break into the job market here–so bring your money. Welcome to Boom Town!