Burns Lake B.C. property assessments show a flat-lining of home values over last year. The Bulkley Nechako region itself has shown a bit more positive activity. Overall, properties in the central Bulkley Nechako region show gains of one to five per cent. Strongest growth across Northern B.C. has been in Kitimat and Tumbler Ridge, where economic activity surrounding resource development has driven strong, double-digit growth in assessed property values.
According to B.C. Assessment, homes in Kitimat have surged in assessed value by 25 to 30 per cent over last year. Property values in Tumbler Ridge have risen 19.5 per cent over last year’s assessed values.
Burns Lake assessed property values have moved less than one per cent. As an example, B.C. Assessment reports that a residential property assessed at $126,133 last year would be valued at $126,316 this year. That represents the weakest growth in the central Bulkley Nechako geographic area, which includes Burns Lake, Fort St. James, Fraser Lake and Granisle.
Burns Lake Remax owner, Doug Phair, said that the flat property assessments reflect the currently flat resale market in Burns Lake.
He said that the combination of uncertainty in 2012 surrounding the Babine Forest Products mill rebuild, unfavourable economic conditions in Europe and the United States, and tightened mortgage-lending policies have all contributed to a flat market.
But he is optimistic that 2013 will see a turn-around in Burns Lake.
“Although sales volumes are down over the last year, low real-estate prices in the area are starting to attract a lot of attention,” Phair said.
He senses a lot of optimism in the real-estate market now that the mill rebuild has been announced, although it remains a buyers market.
