The BC Housing Assessment Office released statistics today showing that the value of home and business properties in Terrace has risen compared to 2013 assessments.
The average value for a single family residential property in Terrace is now $244,000 compared to $220,000 in 2013—a 10.91 per cent increase according to the report.
When considered next to its neighbouring municipalities of similar population, Terrace finds itself in the middle.
The average value of single family residential properties in Kitimat rose 26.67 per cent ($228,000 compared to $180,000 in 2013), while Prince Rupert saw an average rise of 8.89 per cent ($196,000 compared to $180,000 last year).
The total value of commercial properties in Terrace—including new construction—rose by 3.37 per cent, at $300,543,000 compared to $290,731,000 in last year’s assessment.
The total value of commercial property, including new construction, rose by 14.84 per cent in Prince Rupert and 8.71 per cent in Kitimat. Prince Rupert’s totals jumped from $311,395,000 to $357,608,000 and Kitimat’s from $188,964,000 to $205,429,000.
Nearby towns that experienced declining overall assessments for 2014 include the District of Stewart, which saw the average value of a single family residence drop by 6.33 per cent, down to $74,000 from $79,000 in 2013.
New Hazelton saw a substantial increase in the value of single family residential properties at 22.73 per cent, from $88,000 to $108,000.
The overall value of commercial properties, including new construction, rose by 91.30 per cent in Port Edward.
The report said that Terrace property owners should receive their assessments by mail in the next few days.
“Most homeowners in the Northwest Assessment Area will see changes in the -10 to +25 per cent range,” said Christopher Whyte, deputy assessor of the region, in the release.
He also said that the value of most homes in the north has increased.
Overall in B.C., the total number of properties has increased by 1 per cent and the total value of real estate has increased by 1.35 per cent.