BC Assessments have glad tidings as you start a new year, property values in Prince Rupert are up over 20% while Port Ed residents now have property worth a bit over 10% more.
The increase in the Northwest is part of a general trend of increased value in the province, with pretty well every corner of the province showing upward momentum.
For the North coast, increases range from 20 to 30 % in Prince Rupert, with the overall assessment roll in the city topping the 1.1 billion mark, with the residential portion of that increasing from $513 million last year to $627 million this year.
Port Ed’s residential jump moved from $26 million to $27.5 million as of July 1, 2006.
The assessments are done on a year to year basis and provide a snapshot of assessed value as of July of each year. They reflect movement in the local real estate market and can vary from property to property.
Appraisers take into account a number of factors besides local sales, the size of the property, its age, quality, view and location all get thrown into the mix when they determine that magic number.
Perhaps there is even a dart board involved no one really knows for sure.
The upward change in value was common to other Northwest communities; The Charlottes were a mixed bag with increases ranging from 5 to 50% depending on location. Terrace was up 10-20 percent, Smithers increased 15 to 25 percent and Kitimat increased 10 to 15 percent.
Values for the entire province can be found at the BC Assessment website , which has listings for every district.
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