According to BC Assessment, single family residential property values in Terrace rose by 17 per cent from 2021 to 2022. (Black Press Media file photo)

According to BC Assessment, single family residential property values in Terrace rose by 17 per cent from 2021 to 2022. (Black Press Media file photo)

Kitimat single-family home values drop to $329,000 for 2022

Terrace homes have highest value in northwest B.C.

Property owners in Kitimat will likely not see a change in the value of their homes in the past year according to data published by BC Assessment on Jan. 4.

However, property owners in Terrace will likely have seen the value of their homes go up in the last year.

The data, based on market values as of July 1, 2020, found that the value of single family homes in Terrace increased by 17 per cent, going from a typical assessed value of $375,000 in 2020, to $440,000 in 2021.

Strata homes in Terrace, which includes condos and townhouses, saw an even greater change in value rising from $189,000 to $225,000. That is an increase of 19 per cent, tied with Williams Lake for the biggest jump in northern B.C.

“All during the pandemic, the real estate market has remained resilient across the province including higher demand throughout northern B.C., which has resulted in higher 2022 assessment values for most homeowners in the region,” said northern B.C. deputy assessor Beau Rossel in a media release.

“Northern BC property values for most communities are generally up five to 35 percent with only a couple of exceptions.”

One of those exceptions is Kitimat, which saw almost no change in assessed value for the second straight year, falling from $330,000 to $329,000.

In the northwest, Terrace has the highest typical assessed value. However, several other communities saw larger increases in value. See the list of northwest communities’ 2022 typical assessed value below. Percent change is indicated by brackets.

— Burns Lake: $218,000 (+21 per cent)

— Hazelton: $164,000 (+35 per cent)

— Granisle: $73,000 (+14 per cent)

— Kitimat: $329,000 (-0 per cent)

— Masset: $163,000 (+27 per cent)

— New Hazelton: $164,000 (+35 per cent)

— Port Clements:$125,000 (+58 per cent)

— Port Edward:$270,000 (+41 per cent)

— Prince Rupert: $389,000 (+31 per cent)

— Queen Charlotte: $300,000 (+28 per cent)

— Smithers: $438,000 (+21 per cent)

— Stewart: $122,000 (+12 per cent)

— Telkwa:$416,000 (+25 per cent)

— Terrace: $440,000 (+17 per cent)

Province-wide, the value of residential properties in B.C. increased by 22 per cent to $2.44 trillion for 2022.