Much like most of B.C., Williams Lake properties will see a modest increase in their assessed value according to the BC Assessments 2020 property assessments report.
Around 248,000 owners of various properties in Northern B.C. and Williams Lake will be receiving assessment notices this week that reflect the market value as of July 1, 2019. The trend this year is a slight increase in most parts of B.C. with values plateauing or even dipping in the Vancouver area.
“For most of the region’s homes, it’s a bit of mix of modest increases and decreases compared to last year’s assessments,” Deputy Assessor Jarret Krantz said, “There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 per cent and 40 per cent respectively.”
Overall, Northern BC’s total assessments increased from over $65.4 billion in 2019 to over $69.4 billion this year. According to the report, a total of about $1.06 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
In Williams Lake, assessed values for single-family residential homes was up from $234,000 to $249,000 between 2018 and 2019, an overall increase of plus seven per cent. For comparison, Quesnel saw a 13 per cent increase, from $188,000 to $212,000, while 100 Mile House saw a decrease of one per cent, from $238,000 $236,000.
As far as market trends for strata style housing complexes and condos, Williams Lake saw a 17 per cent increase, from $91,600 to $107,000, while Prince George saw a modest increase of five per cent from $91,600 to $107,000.
One of the top valued properties in Northern B.C. this year it within Williams Lake, an acreage worth $2,220,000.
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) between 8:30 a.m. to 5:00 p.m., Monday to Friday or online at bcassessment.ca where they can find a more detailed breakdown of the report.