Property value hiking in Prince George
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NORTHERN BC- Nearly 250,000 property owners across the north will receive their 2022 assessment notices over the next few days. The assessments will reflect market value as of July 1, 2021.
In Prince George, the typically assessed value of a single-family home increased by approximately 20% when compared to July 2020. It was recorded as $333,000 last year but is now at the $401,000 mark. When it comes to the value of townhomes and condos, an 18% increase was recorded from July 2020 to July 2021, from an average $186,0000 to $219,000. For single-family homes in Vanderhoof, the average value went up by about 17%, from $239,000 in July 2020 to $280,000 in July 2021.
According to Northern BC Deputy Assessor, Beau Rossel, overall, Northern BC’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.
“All during the pandemic, the real estate market has remained resilient across the province including higher demand throughout Northern BC, which has resulted in higher 2022 assessment values for most homeowners in the region,” he stated. “Northern BC property values for most communities are generally up five to 35 percent with only a couple of exceptions.”
