New figures from BC Assessment indicate single-family home values in Smithers very slightly dipped in value, but the town continues to have the highest average single-family home in the North.
Smithers’ average single home value dropped by one percent, from $497,000 to $490,000.
Telkwa saw a bigger decrease of five per cent. The average home in 2023 was assessed at $445,000 and this year sits at $421,000.
Homes in New Hazelton saw a huge increase in assessed values, going up 11 per cent, an anomaly in the region. The average home went from $192,000 to $212,000. Meanwhile, in Hazelton, homes went up two per cent.
The highest assessed house in the Bulkley Valley is located in Telkwa on Willow Street. The $2.159 million property features a 6,000+ square foot house, which sits on 14 riverfront acres.
The second most expensive property is on Viewmount Rd. North at $2,156 million.
The third is in Hazelton on Six Mile Road, with an assessed value of $2,076 million.
Overall, property value assessments in northern B.C. rose from $90.4 to $95.2 billion.
Nearly 250,000 properties were part of the agency’s annual assessment. According to BC Assessment, $1.7 billion of the $5 billion increase in total assessment value in the North was due to new construction subdivisions and rezoning.
“Most North Central homeowners can generally expect to see assessment changes in the range of about -10 per cent to +10 per cent when they receive their notices in early January, but with some exceptions depending on the community,” said North Central BC Deputy Assessor Teria Penner.
“Compared to previous years, the region’s real estate market has mostly softened and that is reflected with the 2024 property assessments.”
Property owners can view their updated values on BC Assessment’s website, while assessment notices are already arriving in mailboxes around the region.
Owners who want to dispute the assessment on their property must submit an appeal by Jan. 31.
READ MORE: Real estate sales dip in Smithers area for Q1 2023