The value of single-family homes and strata homes in Prince George has jumped five per cent over the last six months, according to figures released today by BC Assessment.
For single-family home owners in the city, the average assessment rose from $296,000 as of July 1, 2019 to $310,000 this month. Strata home values increased from an average $163,000 last July to the current $172,000.
"For most of the region's homes, it's a bit of mix of modest increases and decreases compared to last year's assessments," said BC Assessment deputy assessor Jarret Krantz, in a news release. "There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively."
The figures released today reflect the shortage of housing in Terrace and Kitimat due to an influx of workers involved in the LNG Canada project.
Northern BC's 248,000 properties included in the assessment increased from $65.4 billion in 2019 to more than $69.4 billion this year. The updated total includes $1.06 billion in new construction, subdivisions and rezoning of properties.
The Northern region covers about 70 per cent of the province east to the Alberta border, north to the Yukon border, west to Bella Coola, including Haidi Gwaii, and to the south, just north of Clinton.
Housing assessments in British Columbia show the real estate market continues to see signs of moderation in the Lower Mainland while stabilizing on Vancouver Island and other parts of the province.
Property taxes collected by the city are based on the assessed value of each property. Property owners can go to the BC Assessment website bcassessment.ca to determine how much property values have changed since July 1.
"Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," said Krantz.
"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel."
Two Prince George houses are among the top-four most valuable properties in Northern BC (https://bit.ly/2MQd3Dm). Both located in the College Heights subdivision. An acreage at 4205 Cowart Rd. is assessed at $2,187 million, while a single-family home at 7765 St. Dennis Pl., is valued at $2,128 million.
The Northern region covers about 70 per cent of the province east to the Alberta border, north to the Yukon border, west to Bella Coola, including Haidi Gwaii, and to the south, just north of Clinton.
Housing assessments in British Columbia show the real estate market continues to see signs of moderation in the Lower Mainland while stabilizing on Vancouver Island and other parts of the province.
The figures released today show the typical value of a single-family home in Vancouver has dropped 11 per cent over the past six months, from $1.76 million to $1.57 million, as of July 1, 2019.
The drop is more dramatic in the costly University Endowment Lands on the city's west side, where values fell 16 per cent from $5.9 million to $4.95 million.
At the same time, the values in the resort community of Whistler and nearby Pemberton rose five per cent, while Vancouver Island saw modest reductions and some notable gains.
- with files from The Canadian Press
