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PRINCE GEORGE — In the next few days, owners of more than 247,500 properties throughout Northern BC can expect to receive their 2019 assessment notices, which reflect market value as of July 1, 2018.

"The majority of residential home owners within the region can expect a moderate increase compared to last year's assessment," says Deputy Assessor Jarret Krantz. "There are some exceptions to this such as Kitimat where owner’s will see increases of 20 per cent or greater. Also, the Northern Rockies Regional Municipality where there have been decreases in the range of 20 per cent or more.”

The summaries below provides estimates of average 2018 versus 2019 assessed values of properties throughout the region. The average is represented by the median, or mid point, value which removes the influence of outliers.

These examples demonstrate market trends for single-family residential properties by geographic area:

Here is link to full details http://campaign.r20.constantcontact.com/render?m=1126248439379&ca=ae292b26-c26f-4ef7-b1ca-81ade4ad65a6

The BC Northern Real Estate Board (BCNREB) reported the average house sale price (single detached) for October 2018 was $328,678 with 83 units sold in Prince George. For October 2017, the average house sale price was $322,118 with 87 units sold. The average house sale price has increased 2.0% when compared to the same month last year.

Press Here for full report.

Downtown vacancy rates continue downward trend

The total value of building permits issued in Prince George in 2018 has already reached an all-time high of $169.26 Million, easily surpassing the previous high mark of $147.88 Million set in 2007. The value includes a record amount of private sector investment, which at $135.17 Million, represents nearly 80 percent of the total and passes the previous record of $121.6 Million set in 2016. Residential building permit values have also set a new record at $100.31 Million.

“The value of building permits is a key measure of economic progress,” says Lyn Hall, Mayor of Prince George. “This number suggests a great increase in construction activity and related employment, as well as other direct and indirect economic benefits.”

The top 10 projects for 2018 are as follows:

1. New construction of Kelly Road Secondary School: $28,322,950
2. Parkade next to City Hall: $12,927,973
3. Apartment building in College Heights (Building B): $6,700,000
4. Apartment building in College Heights (Building A): $5,855,000
5. Renovation at UHNBC: $5,200,000
6. Federated Co-Operatives Ltd. New Bulk Plant (BCR Industrial Park): $3,500,000
7. Addition to Show Lounge at Treasure Cove Casino: $3,000,000
8. New multi-family development (3rd Ave): $2,600,000
9. New multi-family development (Vanier Drive): $1,600,000
10. (Tie) Alterations to temporary community living space for AWAC in downtown Prince George (Association Advocating for Women and Children): $1,500,000
    Interior alterations and patio canopy addition to Browns Socialhouse at Pine Centre $1,500,000

427 building permits have been issued so far this year.

Link to full story http://bit.ly/2qO25mo

Strong steady growth appears to be the trend for the City of Prince George.

Link to full details of Economic Development eNewsletter http://bit.ly/2ERTmd0

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Here is link to the recent Economic Update from the City of Prince George for May 2018.

Link: http://campaign.r20.constantcontact.com/render?m=1126248439379&ca=406058e8-3773-43fe-b35a-2fc39e544602