A majority of homeowners in Northern BC can expect a slight increase in market value.
The BC Assessment has released their 2018 Property Assessment Notice, which saw a rise from $60.3 billion to $61.8 billion.
The average single family dwelling value for Prince George went from $287,000 to $302,000, an increase of 5.2 per cent.
“BC Assessment gets all the sales data from the Land Title Office” explains Deputy Assessor David Keough. “Our appraisers analyze and potentially make phone calls to purchasers and sellers and confirm what the prices are and we analyze that data to come up with the assessment in the next year.”
Keough says the reason some areas are seeing an increase is because people are purchasing properties for a little more compared to the year prior.
The $1.5 billion increase in value is due to new construction, subdivisions and rezoning of properties.
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