Fort Nelson house values drop nearly one third

 

 

CORRECTION: The article previously stated that house values in Fort Nelson had dropped by nearly 50 percent. While an increase house values from $179,000 to $265,000 would be an increase of approximately 48 percent, the actual drop from $265,000 to $179,000 corresponds to a decrease of 32.5 percent.

FORT NELSON, B.C. – While most Northern B.C. communities saw an increase in average property values from 2016 to 2017, Fort Nelson property values appear to have been hit particularly hard by the downturn in the economy.

According to the 2017 property value list compiled by BC Assessment, the value of residential properties in the Northern Rockies Regional Municipality fell by 30.54 percent, while business property values fell by 23.36 percent. The average value of a single-family detached home dropped from 2016’s average of $265,000 to $179,000 as of October 1st, 2016.

Deputy Assessor David Keough with BC Assessment says that assessors look at all area market transactions, and will compare that to the previous year in order to come up with the assessed value of a given property.

Northern Rockies Chief Administrative Officer Randy McLean says that municipal staff have been waiting for the release of the assessments in order to begin preparing the regional budget, which is due by March 15th. McLean says that though there was a large drop in the value of houses, other properties didn’t see as much of a decline, adding that the assessment of industrial properties has held pretty well, which should also be factored in as staff prepare to deliver the budget to council in April.