Assessments Rise Dramatically in Kitimat, Terrace

Ter-Kit Real Estate - FOR SALE

Residential property assessments are up dramatically in Kitimat and Terrace this year, and have risen in nearly all other northwest communities.

Assessment notices are being sent out this week, and the average single family residential property in Kitimat is up a whopping 41% compared to a year ago -- reaching $332,000 -- while the average price for a strata property, such as a condominium, has gone up by 39%.

In Terrace, single-family homes have gone up on average by 20% over last year, while strata homes are worth 38% more than they were a year ago.

Four other northwest communities -- Queen Charlotte, Telkwa, Smithers and Granisle -- have also seen double-digit increases, with most other towns in the region recording more modest increases.

Only three northwest communities -- Port Edward, Stewart and Burns Lake -- saw slight decreases.
 

The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region.  These examples demonstrate market trends for single-family residential properties by geographic area:

    (source:  BC Assessment bcassessment.ca)

Single Family Homes

by Community

2019 Typical

Assessed Value

as of July 1, 2018

2020 Typical

Assessed  Value

as of July 1, 2019

 

%

Change

Burns Lake

$149,000

$148,000

 -1%

Granisle

$55,000

$61,000

+11%

Hazelton

$114,000

$139,000

+2%

Houston

$151,000

$152,000

+1%

Kitimat

$235,000

$332,000

+41%

Masset

$98,000

$102,000

+4%

New Hazelton

$110,000

$118,000

+6%

Port Clements

$69,000

$73,000

+6%

Port Edward

$197,000

$187,000

-5%

Prince Rupert

$268,000

$276,000

+3%

Queen Charlotte

$167,000

$219,000

+31%

Smithers

$286,000

$316,000

+11%

Stewart

$110,000

$107,000

-3%

Telkwa

$258,000

$294,000

+14%

Terrace

$312,000

$373,000

+20%

 

 --------------

 

 These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select Northern BC urban centres:

 

 Strata Homes by Community

2019

Typical Value

as of July 1, 2018

2020

Typical  Value

as of July 1, 2019

 

%

Change

Kitimat

$136,000

$190,000

+39%

Smithers

$279,000

$290,000

+4%

Terrace

$120,000

$165,000

+38%

(full list for Northern BC in news release below) 

 

The assessments reflect market value as of July 1st of last year.

Deputy Assessor Jarret Krantz emphasized that changes in property assessments do not automatically translate into a corresponding change in property taxes.

Tax rates are set by local municipalities.

=== BC ASSESSMENT NEWS RELEASE BELOW ===

Northern BC 2020 Property Assessments in the Mail

January 02, 2020
Page Content

PRINCE GEORGE — In the next few days, owners of almost 248,000 properties throughout Northern BC can expect to receive their 2020 assessment notices, which reflect market value as of July 1, 2019.

"For most of the region's homes, it's a bit of mix of modest increases and decreases compared to last year's assessments," says Deputy Assessor Jarret Krantz. "There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively."

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Northern BC region's estimated range of percentage changes to 2020 assessment values by property type compared to 2019.  Please note property assessments may vary by jurisdiction or municipality within the region.

Property Type

URBAN areas

of Northern BC

2020 Assessments

Range of % Changes in Value

(as of July 1, 2019)

RURAL areas

of Northern BC

2020 Assessments

Range of % Changes in Value

(as of July 1, 2019)

Residential Single Detached Homes

-5% to +25%

 

-5% to +25%

 

 Residential Strata Units

(e.g. condominiums)

-15% to +30%

 

0% to +5%

 

Commercial

-5% to +25%

 

-10% to +20%

 

Light Industrial

-45% to +10%

 

-15% to +10%

 

           

Overall, Northern BC's total assessments increased from over $65.4 billion in 2019 to over $69.4 billion this year. A total of about $1.06 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The Northern BC region encompasses approximately 70 per cent of the province stretching east to the Alberta border, north to the Yukon border, west to Bella Coola including Haidi Gwaii and to the south, just north of Clinton. 

The summaries below provides estimates of typical 2019 versus 2020 assessed values of properties throughout the region.  These examples demonstrate market trends for single-family residential properties by geographic area:

Single Family Homes

by Community

2019 Typical

Assessed Value

as of July 1, 2018

2020 Typical

Assessed  Value

as of July 1, 2019

 

%

Change

100 Mile House $238,000 $236,000 -1%
Burns Lake $149,000 $148,000  -1%
Chetwynd $222,000 $215,000 -3%
Dawson Creek $253,000 $241,000 -5%
Fort St James $160,000 $158,000 -1%
Fort St John $319,000 $314,000 -2%
Fraser Lake $133,000 $126,000 -5%
Granisle $55,000 $61,000 +11%
Hazelton $114,000 $139,000 +2%
Houston $151,000 $152,000 +1%
Hudson's Hope $164,000 $166,000 +1%
Kitimat $235,000 $332,000 +41%
Mackenzie $156,000 $155,000 -1%
Masset $98,000 $102,000 +4%
McBride $125,000 $132,000 +6%
New Hazelton $110,000 $118,000 +6%
Northern Rockies RM $105,000 $103,000 -2%
Port Clements $69,000 $73,000 +6%
Port Edward $197,000 $187,000 -5%
Pouce Coupe $201,000 $188,000 -6%
Prince George $296,000 $310,000 +5%
Prince Rupert $268,000 $276,000 +3%
Queen Charlotte $167,000 $219,000 +31%
Quesnel $188,000 $212,000 +13%
Smithers $286,000 $316,000 +11%
Stewart $110,000 $107,000 -3%
Taylor $224,000 $218,000 -3%
Telkwa $258,000 $294,000 +14%
Terrace $312,000 $373,000 +20%
Tumbler Ridge $128,000 $135,000 +5%
Valemount $223,000 $233,000 +5%
Vanderhoof $226,000 $231,000 +2%
Wells $80,000 $87,000 +9%
Williams Lake $234,000 $249,000 +7%

 These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select Northern BC urban centres:

 Strata Homes by Community

2019

Typical Value

as of July 1, 2018

2020

Typical  Value

as of July 1, 2019

 

%

Change

Prince George $163,000 $172,000 +5%
Fort St John $231,000 $217,000 -6%
Dawson Creek $199,000 $197,000 -1%
Kitimat $136,000 $190,000 +39%
Smithers $279,000 $290,000 +4%
Terrace $120,000 $165,000 +38%
Williams Lake $91,600 $107,000 +17%

 BC Assessment's website at bcassessment.ca includes more details about 2020 assessments, property information and trends such as lists of 2020's top valued residential properties across the province.

The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2020 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map. New for 2020, the website is fully mobile-friendly.

"Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2019 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Deputy Assessor Jarret Krantz.

"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Krantz.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.

"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Krantz. "As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."

Have questions?

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday.

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