Average property values in Prince George climbed slightly this year but varied wildly by neighbourhood, according to BC Assessment data released Thursday.
On average, a single family home in Prince George went up by about 2.5 per cent to $242,000, but BC Assessment north region deputy assessor Geoff Radtke said most homeowners in the region can expect to see increases between five and 10 per cent compared with last year.
In the city, the neighbourhood with the highest average growth was Lakewood/Heritage/Foothills, which jumped 4.33 per cent from last year to $243,500. Homes in College Heights saw a more modest average increase of 1.88 per cent to $283,600.
The Hart Highlands/North Nechako areas continued to have the highest average assessed value at $304,300, but that's actually down 0.65 per cent from last year.
The VLA remained the most volatile neighbourhood when it comes to value, falling 6.18 per cent this year to $110,800. That comes a year after the VLA saw values increase by 14.2 per cent.
BC Assessment determines the values by looking at the size, age and location of a home as well as services available in the area and housing supply.
Overall, Prince George saw the value of its assessment roll increase by 2.66 per cent to $9.4 billion.
The biggest jump in the region was in Mackenzie where the value of an single family home increased by an average of 19.2 per cent in the past year from $125,000 to $149,000. It's the second straight year of double digit growth for the community, which saw its assessment go up by an average of 10 per cent a year ago.
Radtke said with the economy in so many northern communities dependent on the resource economy, the continued increase in values in Mackenzie could be due to that community's stronger economic position.
The overall assessment roll in Mackenzie has increased from $327 million just two years ago to almost $383 million this year, including a 12.5 per cent gain in the last year alone.
Vanderhoof had its overall roll increase by nearly eight per cent this year, from $487 million to $525 million.
Valemount at 3.7 per cent and Burns Lake at 3.3 per cent both saw their rolls increase at a faster pace than Prince George this year, while Fort St. James and McBride had increases of less than one per cent. Granisle saw its roll drop by about one tenth of a per cent.
Fraser Lake had the steepest rate of decline in the region, from $160 million to $152 million, or about five per cent.
As a region, the assessment role is up more than $500 million to $16.6 billion.
The top assessed residential property in northern B.C. is an acreage on Chief Lake Road near Prince George valued at $1.8 million. In the city limits, the top assessed home was valued at $1.6 million on St. Dennis Place in College Heights.
Prince George-area properties accounted for four of the top 10 valued homes in the north. In all 28 properties in the north were valued at more than $1 million this year, including eight in the Prince George area - five in the city and three in surrounding rural areas.
Across the province, the total value of properties has now topped $1.14 trillion, up 1.35 per cent from a year ago.
Homeowners can expect to receive notices on their home's assessment in the mail soon. Anyone wishing to appeal their assessment is encouraged to contact an appraiser before filing a notice of appeal. Appeals must be filed by Jan. 31.
Information on how to appeal is available by calling 1-866-825-8322 or by visiting www.bcassessment.ca
