Property values in the Cariboo have stabilized after years of sharp increases, according to the latest property assessments.
“Most north central home owners can generally expect to see assessment changes in the range of about -10 per cent to plus-10 per cent when they receive their notices in early January, but with some exceptions depending on the community,” says north central B.C. 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.”
A single family home in 100 Mile House has dropped six per cent on average. Last year the typical assessed value of a home in the area was $405,000 as of July 1, 2022. This year, the assessed value as of July 1, 2023, is $382,000.
A single family home in Williams Lake has dropped by three per cent, with a single family home changing from $395,000 as of July 1, 2022, to $381,000 in 2023.
A single family home in Quesnel has stayed about the same, with a typical home being assessed at $328,000 in 2022, and $330,000 in 2023.
Bella Coola will continue to see a slight increase of two per cent in the assessed value of a single family home, going to $232,000 in 2022, to $238,000 as of July 1, 2023.
According to BC Assessment, changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise nearly $10 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
