Northern B.C. property values to rise in 2019

Property values across northern British Columbia are expected to rise this year. (Lakes District News file photo)

The value of residential homes in northern British Columbia is due to rise in 2019 compared to last year.

The increase among 247,500 properties in the region is expected to be moderate and reflects the market value as of July 1, 2018, according to the Northern BC 2019 Property Assessment report from BC Assessment.

The value of Burns Lake single-family residential properties rose by 13 per cent, from $131,600 to $148,900 on July 1, the report stated.

All neighbouring communities including Fort St. James, Fraser Lake, Houston, Smithers and Vanderhoof saw increases in value.

The exception is Granisle which registered 0 per cent growth, a fall compared to last year when it rose in value by 44.9 per cent.

“The sales activity in that community showed us that was no increase or decrease, that it was very stable. The values haven’t dropped there,” Jarret Krantz, Deputy Assessor with BC Assessment, told Lakes District News.

Fraser Lake stands out after it rose by 17 per cent to $132,950 for single-family residential properties.

Elsewhere in northern B.C., large fluctuations were noted in Kitimat where values rose by 20 per cent, and Northern Rockies Regional Municipality which went down by 23 per cent.

The rise in Burns Lake’s assessment shows how little last summer’s wildfires affected many properties’ values in the area.

“It’s the same philosophy as other properties when it comes to natural disasters. It depends on what the market will pay for those properties,” Krantz said.

“Those fires affected some properties and not others. For those specific properties damaged by fire they’ll be looked at differently [by appraisers] than the general market,” he said.

If a property has been renovated then its value might increase by up to 50 per cent, Krantz explained.

“Going the other way, if a property has some damage then its value might decline, like if the house is burned down.”

With regards to larger rises and drops in value, Krantz said that rural communities linked to natural resource industries face economic factors and demands that affect the assessments.

Sawmill closures and openings are among the causes for changes in property values, he said.

Northern B.C.’s total assessments rose from around $61.5 billion in 2018 to $65.7 billion this year.

About $913 million of the assessments comes from new construction, subdivisions and rezoning of properties.

Krantz urged residents to use the BC Assessment website to check on values and other property activity in the community, and to contact the organization if there any concerns.

Go to or BC Assessment toll free at 1-866-825-8322.

Just Posted

Giesbrecht pleads not guilty in judge-only murder trial

Burns Lake resident Albert Giesbrecht has pleaded not guilty to the charge… Continue reading

B.C. chiefs show solidarity with Wet’suwet’en hereditary chiefs

Chiefs from around B.C. outside the Coastal GasLink pipeline route in Smithers show support.

Houston youth turns himself in after arrest warrant issued for failing to appear in court

The youth is expected to plead guilty or not guilty in January

Village bids to bring in new immigrant entrepreneurs

Burns Lake is stepping up to try and bring new Canadian entrepreneurial… Continue reading

Bylaw change might allow cannabis harvesting in village

Burns Lake residents will soon be able to voice their thoughts on… Continue reading

VIDEO: U.S. Congress to probe whether Trump told lawyer Cohen to lie

At issue is a BuzzFeed News report that about negotiations over a Moscow real estate project

Rookie Demko backstops Canucks to 4-3 win over Sabres

Young Vancouver goalie makes 36 saves to turn away Buffalo

Charges upgraded against mother of murdered B.C. girl

Kerryann Lewis now faces first- rather than second-degree murder in the death of Aaliyah Rosa.

UPDATE: Injured firefighter in stable condition

Kelowna fire crews responded to a blaze at Pope’sGallery of BC Art & Photography on Friday

Rare ‘super blood wolf moon’ takes to the skies this Sunday

Celestial event happens only three times this century

Arrest made after historic B.C. church hit by arson

The fire at the 150-year-old Murray United Church in Merritt was considered a possible hate crime

B.C. dangerous offender in court for violating no-contact order, sends letter to victim

Wayne Belleville was shocked to see a letter addressed to him from his shooter, Ronald Teneycke

Man blames his loud car radio, sirens for crash with B.C. ambulance

Tribunal rejects bid to recoup ICBC costs after crash deemed 100-per-cent his fault

RECALL: Salmon Village maple salmon nuggets

Customers warned not to eat product due to possible Listeria contamination

Most Read