Wednesday, January 3, 2024

Average Prince Rupert property assessments decline by 8% as 2024 BC Assessments roll out

The Graham, Van Arsdol, Atlin area of the city continue
to dominate the high end of assessments from BC Assessment

The annual roll out of BC Assessments on property across the province is underway, with the paper version of this years reviews on the way this week to mailboxes across the northwest.

Those who are interested in how the assessed value of their homes shapes up for 2024 however have probably already checked out the online version, with a note of some declines in assessment values the most likely outcome for most searches, but not all. 

The annual release of the Assessment listings offers a chance for resident of Prince Rupert and area to start to do some comparisons, exploring how their property compares to their neighbours and how their neighbourhood fits into the overall picture of assessments in the city.

A chart from BC Assessment follows the patterns from 2020-2023
(click to enlarge)

For Prince Rupert the 2024 assessment listings are noted as 8 percent less than a year ago, the Average Assessment for the city set at $409,000 down from $483,000 one year ago.

Port Edward has also seen a slight decrease, the District is down by 4 percent, with this year's Average Assessment $283,000 dollars, down from last year's $296,000.

The rest of the northwest also saw varying declines, and continues to find Smithers holding the top spot for the region.

Smithers --- Down 1 percent -- $490,000  (2024) $497,000 (2023)
Terrace ---   Down 3 percent -- $448,000 (2024) $461,000 (2023)
Kitimat --- Down less that 1 percent -- $344,000 (2024) $345.000 (2023)

While trends are down for the Northwest, Haida Gwaii homeowners will see some increases for 2024, including a 22 percent spike for Queen Charlotte/Daajing Giids

The full list of the North and Haida Gwaii can be reviewed here

Across North-Central BC the assessment changes cover a range of between 10% to +10%

“Most North Central home owners can generally expect to see assessment changes in the range of about -10% to +10% when they receive their notices in early January, but with some exceptions depending on the community. Compared to previous years, the region's real estate market has mostly softened and that is reflected with the 2024 property assessments."  -- North Central BC Deputy Assessor Teria Penner. 

Among the High end properties for Prince Rupert,  not surprisingly Graham Avenue, Atlin Avenue and Van Arsdol  remain high atop the list, with a number of assessment listings over the 1 million dollar mark.

In total, the area accounts for twelve properties over the million mark: Graham counts eight above the million mark, Van Arsdol 1 and Atlin 3

The top assessment of the area that is found at 2323 Graham 

Assessed at $1,308,000, that property increased in value by 1,000 dollars from its placement at the top of the list in 2023.

West side areas with strong assessment values

Some familiar areas from years past feature some of the higher end property assessments, they  include:

A stretch of Summit Avenue overlooking the golf course and Fourth Avenue West while seeing declines in value of assessment, still stand out for their top end results.

The Edwards Avenue subdivision just off of Eleventh Avenue East has also seen some very slight declines in assessment values. with six assessed properties noted as above the 1 million dollar mark.

The Silversides area of the city also has trended high with 6 properties over the 1 million dollar assessed value mark

Other pockets of top end assessments include areas of Overlook, 4th Avenue East and Heron Road to name a few.

East side areas with strong assessment values

You can review the full scope of the 2024 assessment from a map provided as part of the BC Assessment online program, simply type in the address of a property in the area you have an interest in and then click on each adjacent property to see how things shape up from home to to home, street to street and area to area.

You can also register for an account to gain access to a range of features including the option of storing a number of properties for comparison as you conduct your search of the community listings, learn more about that option here.

BC Assessment will also be mailing the latest review to your home in the next few days.

Property owners have until the end of this month to decide if they wish to appeal their assessed level for 2024.

For more notes on the Northwest real estate picture see our archive pages below:

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