At the turn of 2018, home values in Prince Rupert are rising. The market value as of July 2017 shows an increase of 5.9 per cent for the average single-family unit — from $260,000 to $276,000.
The study by BC Assessment reports the $1.5 billion increase of Northern B.C.’s housing market is due to new construction, subdivisions and property rezoning.
“The majority of residential homeowners within the region can expect a slight increase, compared to last year’s assessment,” Deputy Assessor David Keough said in a press release. “Most homeowners in the Northern BC will see changes in the -10 per cent to +10 per cent range.”
Although the value is increasing in Prince Rupert, in comparison, the average value decreased in Terrace and Port Edward by 1.3 and 0.8 respectively.
Kitimat, where an expected LNG boom has not materialized, was the biggest outlier, with a 16.2 per cent drop in the value of all residential properties.
In a separate report, the Canadian Real Estate Association showed the median price of house sales rose by 17.5 per cent between the third quarters of 2016 and 2017.