01/02/2015 06:04 EST | Updated 03/04/2015 05:59 EST

Property values up in B.C. northwest communities tied to LNG industry

VANCOUVER - Property values in two northwest British Columbia communities tied to the liquefied natural gas industry jumped dramatically last year.

The BC Assessment Authority says most homeowners in the region will see increases of between 10 and 35 per cent.

As of the July 1, 2014 valuation date, an average single-family home in Kitimat rose from $227,000 the previous year to $316,000, and in Terrace the value jumped from $244,000 to $317,000.

Cameron Muir of the British Columbia Real Estate Association says port activity in the region as well as speculation over the proposed LNG industry has "bid up prices."

The assessment authority says most homeowners between Vancouver, Pemberton and the Sunshine Coast will see their properties increase by as much as 15 per cent.

The province's priciest residential property was assessed at nearly $57,600,000 and was located in Vancouver's Kitsilano neighbourhood.