According to BC Assessment, a typical single-family residence in Smithers is now worth $438,000. (Ben Bogstie/Black Press Media)

According to BC Assessment, a typical single-family residence in Smithers is now worth $438,000. (Ben Bogstie/Black Press Media)

Smithers single-family home values increase by 21% for 2022

Highest valued property in Smithers area is a 137-acre property on Telkwa Highroad worth $1.41M

Single-family property owners in Smithers saw a whopping 21 per cent increase on average in the assessed value of their homes in 2021 over 2020 according to data published by BC Assessment on Jan. 4.

The data, based on market values as of July 1, 2021, found the value of a typical single-family home in Smithers increased to $438,000 in 2021 compared to $362,000 in 2020.

Strata homes in Smithers, which include condos and townhouses, saw a slighter change in value rising from $298,000 to $336,000, an increase of 13 per cent.

“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 B.C. 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 very slightly from $330,000 to $329,000.

The highest assessed value in the Smithers area is an 137.2-acre property on the Telkwa Highroad with a two-storey home assessed at just over $1.41 million. That property is the 45th on the list of the most valuable properties in northern B.C.

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Terrace has the highest typical assessed value of single-family homes compared to other communities in northwest B.C. However, several other municipalities saw higher percentage 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 on average by 22 per cent to $2.44 trillion for 2022.

With files from Thom Barker

READ MORE: Terrace has the highest average house price in northern B.C.