B.C. property assessments are already online, and many Cariboo Chilcotin home owners may want to sit down before they take a look.
Property values in the Williams Lake area and around the province have risen sharply - about 29 per cent - based on market values as of July 1, 2021.
According to BC Assessment, an average single family home in Williams Lake valued at $266,000 in 2020 was assessed at $342,000 in July, 2021.
Based on a small comparison of properties in the Westridge area, Fox Mountain area, Eleventh Avenue neighbourhoods to North Lakeside, South Lakeside and Russet Bluff neighbourhoods, property values have jumped anywhere from $50,000 t0 $175,000 and more since 2020 assessments for many home owners.
BC Assessment notes on its website that it provides current actual value assessments for tax purposes on all properties in British Columbia and gives an analysis of market movement by property, market trends, and top 500 valued residential properties.
In northern B.C., almost 250,000 property owners will receive their 2022 assessment notices in the mail in the coming days. Property assessments can also be found online.
“All during the pandemic, the real estate market has remained robust across the province including higher demand throughout Northern B.C., which has resulted in higher 2022 assessment values for most homeowners in the region,” says Northern B.C. Deputy Assessor Beau Rossel. “Northern B.C. property values for most communities are generally up five to 35 percent with only a couple of exceptions.”
BC Assessment collects, monitors and analyzes property data throughout the year.
Overall, Northern B.C.’s total assessments increased from over $72 billion in 2021 to over $81.7 billion this year. A total of about $1.24 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 Haidi Gwaii and to the south, just north of Clinton.
100 Mile House has gone up about 33 per cent, Quesnel 32 per cent and Prince George 20 per cent. The small community of Wells has seen a 40 per cent increase while recreation properties in the south Cariboo has risen as much as 50 per cent.
Total value of real estate on the 2022 Assessment Roll is about $2.44 trillion, an increase of nearly 22 percent from 2021.
The top 500 valued properties in B.C. range in assessed value from $11,844,000 in West Vancouver to $73,147,000 in Kitsilano.