Over the next few days, property owners in Prince George will be receiving their 2021 assessment notices.
According to BC Assessment, the average value for single-family homes in the northern capital jumped from $310,000 in 2019 to $333,000 last year, an increase of seven percent.
Bob Quinlan with Re/Max City Centre Realty spoke with MyPGNow.com.
“We have seen in Prince George a lack of supply but we have also seen that the prices have gone up higher and that has definitely been supported by the interest rates.”
As for strata homes, such as condos and townhomes, their value increased by 8% over the 12-month period.
These units from $172,000 in the summer to $186,000 during the same time period.
“That reflects the entry-level buyers because of the price level for starter homes but it also downsizing for our aging population here in Prince George, people who like the area and their friends and neighbors but just don’t need that bigger house,” added Quinlan.
“Interest rates are a big factor right now and knowing that they are going to be frozen right through the end of 2021 I think that people are confident and that lenders are confident they will be able to lend as long as the borrows have the spring to do that,”
When asked if there are any downsides to these yearly property assessments, Quinlan was hard-pressed to find any negatives.
“I think it is more of a method of taxation from my experience. There is an overall generalization people like to feel about it but if you look at a property it helps evaluate next to your neighbors and an idea of where your taxation is going but doesn’t dictate your market value.”
Anyone who wishes to dispute their assessment can submit a Notice of Complaint by February 1st.
In addition, an average at 4205 Cowart Road was rated as the highest valued property, while the top single-family residence is located within College Heights at 7765 St. Dennis Place.
In nearby Vanderhoof, property assessments for single-family homes remained flat year-over-year going from $231,000 (July of 2019) to $239,000 (July of 2020) last year.