New figures from BC Assessment indicate single-family home values in Prince Rupert and Port Edward both dipped in value, while Haida Gwaii values rose by a staggering 22 per cent.
Prince Rupert’s average single home value dropped the most in the Northwest region from $443,000 to $409,000, or eight per cent. In Port Edward, they dropped four per cent from $296,000 last year to $283,000 this year.
Property values on Haida Gwaii were an anomaly in the region going from $232,000 in 2023 to $283,000 this year.
Overall property value assessments in northern B.C. rose from $90.4 to $95.2 billion.
Nearly 250,000 properties were part of the agency’s annual assessment. According to BC Assessment, $1.7 billion of the $5 billion increase in total assessment value in the North was due to new construction subdivisions and rezoning.
“Most North Central homeowners can generally expect to see assessment changes in the range of about -10 per cent to +10 per cent when they receive their notices in early January, but with some exceptions depending on the community,” said North Central BC Deputy Assessor Teria Penner.
“Compared to previous years, the region’s real estate market has mostly softened and that is reflected with the 2024 property assessments.”
The highest average property value for single-family homes in the North was in Smithers at $490,000 (down from $497,000).
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Terrace’s average value dropped from $461,000 in 2023 to $448,000 in 2024.
Property owners can view their updated values on BC Assessment’s website, while assessment notices are already arriving in mailboxes around the region.
Owners who want to dispute the assessment on their property must submit an appeal by Jan. 31.