If you are unfamiliar with the City of Prince Rupert allow me to paint a short picture for you.
Prince Rupert is situated on the North West coast of British Columbia in Canada. Ten years ago the largest employer closed leaving the city in a perilous position. The population declined from 17000 to 10000 as people left looking for work.
Three years ago the New Container Port of Prince Rupert opened. Taking advantage of the gifts geography provided (Prince Rupert is 38 hours sailing closer to China than any other West Coast port in North America) the Port of Prince Rupert has gone from strength to strength.
In 2009, during the worst recession in living memory, Prince Rupert Port Authority saw a staggering increase in container traffic of 45.9%. Plans are well advanced to expand the port and the much vaunted second phase is scheduled to begin construction in 2011. In addition, the CEO of PRPA, Don Krusel, is in ongoing talks with a variety of businesses about setting up shop here in Prince Rupert.
Given the turbulent recent history of this incredible city it is gratifying that the boom years appear to be returning to the North Coast.
The recession had the same effect on Real Estate prices in Prince Rupert as they did everywhere else; prices are 15-20% lower than their high two years ago. This high is nowhere near the elevated prices of Vancouver and the rest of the lower mainland - the average selling price in 2009 for a detached house was $173,500. These bargain rates are not forecast to be available for long.
More detailed information is available all over the place but a good place to start, unsurprisingly, is my website which has links to the City of Prince Rupert and a whole host of other information sources. www.realestateprincerupert.com
Tuesday, January 26, 2010
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