VANCOUVER – Property values in two northwest British Columbia communities tied to the liquefied natural gas industry jumped dramatically last year.
The BC Assessment Authority says most homeowners in the region will see increases of between 10 and 35 per cent.
As of the July 1, 2014 valuation date, an average single-family home in Kitimat rose from $227,000 the previous year to $316,000, and in Terrace the value jumped from $244,000 to $317,000.
Cameron Muir of the British Columbia Real Estate Association says port activity in the region as well as speculation over the proposed LNG industry has “bid up prices.”
The assessment authority says most homeowners between Vancouver, Pemberton and the Sunshine Coast will see their properties increase by as much as 15 per cent.
The province’s priciest residential property was assessed at nearly $57,600,000 and was located in Vancouver’s Kitsilano neighbourhood.
Homeowners in the Sea-to-Sky corridor will also see an increase in their property values.
“Most homes in the Vancouver Sea to Sky Region are worth more in value compared to last year’s assessment roll,” said Dharmesh Sisodraker, deputy assessor. “Most home owners in Vancouver Sea to Sky Region will see changes up to +15%.”
Overall, the Vancouver Sea to Sky region’s assessment roll increased from $374.1 billion last year to $407.1 billion this year. Of note, a total of almost $5.7 billion was added through subdivisions, rezoning and new construction.
The biggest gains include single-detached houses across the Lower Mainland, Okanagan and parts of Vancouver Island. Condos and townhouses throughout B.C. have climbed only slightly, or in some cases, actually declined a little.
If you have not received your assessment in a few days, or would like more information, visit the BC Assessment website.
– With files from Global News.
- Indecent offender arrested twice in one week, West Shore RCMP says
- Volkswagen Canada announces airbag fix for recalled Atlas SUVs after almost one year wait
- B.C.’s carbon tax hike kicks in on Monday, April 1 so prepare to pay more at the pump
- Spike in Metro Vancouver restaurant closures sparks concern
Comments