Housing prices in Tumbler Ridge are recovering after a double-digit drop brought on by a crash in the region’s coal industry.
The average value of a single-family home in the mining town of 2,700 is expected to climb 5.48 per cent in 2017, from $138,000 to $146,000, according to BC Assessment data released Jan. 3.
Jennifer Marsel, a realtor with Royal LePage Cascade Realty, said economic conditions in the town are improving after Conuma Coal Resource reopened a pair of mines acquired from Walter Energy last year.
While she’s seen only modest signs of recovery in the housing market, she expects things will pick up soon as miners go back to work.
“It hasn’t happened so much yet, it was more in anticipation of (the mines) reopening, which (led) investors to jump in,” she said. “But it’s definitely going to be improving here with the Wolverine (mine) announcing they’re going to be reopening.”
While the town’s outlook is improving, she said all but a handful of houses were selling for less than $100,000. The majority of those were court-ordered sales, she said.
Municipalities use the BC Assessment data to calculate property taxes. BC Assessment mailed property assessments Jan. 3.
The assessments are an estimate of a property’s market value as of July 1, 2016, and its physical condition as of Oct. 31.
Dawson Creek’s assessment values were virtually unchanged after years of hot growth, rising just .38 per cent to $261,000. Chetwynd saw a 3.88 per cent increase, while Pouce Coupe home values rose 3.76 per cent.
Assessment values in the Northern Rockies Regional Municipality tumbled 48 per cent year over year as the region struggles with the downturn in natural gas.