The value of single family homes in the Cariboo has increased by more than 10 per cent, and then some, according to BC Assessment.
The percentages reflect the values as of July 1, 2022 and show Quesnel, Williams Lake and 100 Mile House having market value changes at 12, 16 and 26 per cent respectively.
In Quesnel a single family home has risen from $294,000 in 2021 to $329,000 in 2022.
In Williams Lake the average value of a single family home has increased from $342,000 in 2021 to $395,000 in 2022.
100 Mile House has seen the biggest increase in property value of the three Cariboo cities, rising 26 per cent from $321,000 in 2021 to $405,000 in 2022.
Bella Coola homes have also increased substantially, from $190,000 for a single family home in 2021 to $231,000 in 2022.
Northern communities that saw large increases in value include Fraser Lake at 31 per cent, Hazelton at 24 per cent, Masset at 28 per cent, McBride at 26 per cent, Port Clements at 38 per cent and Stewart at 28 per cent.
In the next few days, owners of almost 250,000 properties throughout Northern BC can expect to receive their 2023 assessment notices.
“Most northern home owners can generally expect to see a rise of about 5 per cent to 20 per cent in their assessments when they receive their notices in early January, but with some exceptions depending on the community,” says Northern BC Deputy Assessor Teria Penner. “I want to emphasize that assessments are based on July 1st, 2022. While the local real estate market has seen some shifts, it is important to compare your assessment with similar properties that sold around July 1st.”
Overall, Northern B.C.’s total assessments increased from about $81.5 billion in 2022 to over $90.6 billion this year. A total of about $1.06 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties.
The Northern B.C. region encompasses approximately 70 per cent of the province: stretching east to the Alberta border, north to the Yukon border, west to Bella Coola including Haida Gwaii and to the south, just north of Clinton.
Do you have a comment about this story? email:
editor@wltribune.com
Like us on Facebook and follow us on Twitter.