The value of properties in Prince George are on the rise, albeit slightly.
In the coming days homeowners across the province will be receiving assessment notices in the mail and many people in Prince George will notice their house is worth more than before -according to BC Assessment, the value of homes in the city will go up between zero and five per cent.
For instance, in College Heights the average home was worth $265,000 last year but that figure jumps to $276,300 this year, an increase of 4.26 per cent. In the Hart Highlands and North Nechako areas the average increase is 1.27 percent however in Lakewood, Heritage and Foothills it's just 0.39 per cent. The VLA sees a jump of 14.2 per cent, from $100,000 to $114,200.
The change in value from home to home in a given area can be very different. Appraisers working for BC Assessment consider everything from the age and size of the structures to view and location.
Commercial and industrial properties are increasing at an even faster pace, in Prince George their value is going up by an average of 10 per cent to 15 per cent this year.
Five residential properties in the city are valued at more than $1 million, with the top local value going to a single family residence in College Heights worth $1.444 million. Two of the other four worth more than $1 million in the College Heights area, with one each in the Hart and North Nechako neighbourhoods. Three more acreages in rural areas outside city limits are also worth more than $1 million.
Of the top 100 assessed properties in northern B.C., 26 are located within the city of Prince George and nine more are in rural areas around the city. The highest value in the region goes to an acreage around Fort St. John worth more than $2.1 million.
As a point of comparison, in the Lower Mainland the highest valued property is worth more than $39 million and is located in Vancouver's Point Grey neighbourhood. There are 14 properties in the Vancouver/Sea to Sky area valued at more than $20 million.
Prince George's overall assessment roll climbed from $8.88 billion last year to $9.22 billion this year due to the increase in value of existing homes as well as new developments.
Mackenzie, which saw its average home increase by between five and 10 per cent, had its roll increase from $327 million to $340 million. In Vanderhoof, the roll went up by $5 million to $387 million.
The property values provided by BC Assessment are part of the calculation used in determining property taxes, however the rate at which each property is taxed is determined by municipal governments.
Owners can appeal if they feel the new assessed value of their property isn't fair.
The province also announced the threshold to receive a maximum homeowner grant this year has risen by $10,000 to $1.295 million. Eligible residents must reapply every year.
