Friday, 22 March, 2019

Northern BC sees changes in property values

Chip Wilson’s home on Point Grey Road is the most valuable home in B.C. according to B.C. Assessment Authority figures.
Mark van Manen  
PNG Chip Wilson’s home on Point Grey Road is the most valuable home in B.C. according to B.C. Assessment Authority figures. Mark van Manen PNG
Russell Knight | 06 January, 2019, 12:45

Homeowners across British Columbia can expect to receive their 2019 property assessments in the mail soon.

Its assessments are based on the estimate of a property's market value on July 1 of each year and its physical condition on October 31.

After years of dramatic increases, new assessment numbers show signs of moderation as the real estate market cools in some areas of B.C. - especially in Metro Vancouver, where the priciest homes have lost assessed value.

But Vancouver is not the only one that saw the market slow down, according to the Fraser Valley Real Estate Board, home sales in the region also took a hit.

"Increases in assessments are generally lower in the south part of the island and higher as you move to the central or northern areas", said Ireland.

In Duncan, the average single-family rose from $310,000 to $349,000 this year, while in Nanaimo assessments increased from $434,000 to $490,000 for similar properties.

Since previous year, the total value of property assessments across the island increased by almost $25 billion, rising from approximately $222 billion in 2017 to $246.9 billion.

Kyle Kerr, president of the Victoria Real Estate Board agreed, noting the assessments accurately reflect what was happening in the summer when most of the price growth in the market occurred.

Property assessments have risen across the board on Vancouver Island this year, according to BC Assessment's 2019 report.

Those prices jump dramatically in the University Endowment Lands: 2017 assessments averaged around $6.66 million, while the 2018 numbers clocked in at a paltry $5.9 million.

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If you disagree with your assessment you can appeal by contacting BC Assessment but you have to do it before January 31st. The price of detached homes was down 7.8 per cent.

For Comox, the 2018 value was listed at $441,000.

This figure is also 25 per cent below the 10-year average annual home sales for the region, and 38.4 per cent below the very busy market of 2016. That's a jump of 27 per cent.

The City of Courtenay's assessed 2018 value was $240,400.

Increases in our listening area range from 11 to 16 per cent.

Meanwhile, BC Assessment says some property owners in the rest of the province have seen five to 15 per cent increases in their property values. Assessments are arrived at via number of metrics: current sales in the area, property size, age, quality, condition, view and location.

Dawson Creek saw increases in all three property value types. The panels typically meet between February 1 and March 15.

"The majority of residential home owners can expect a modest change compared to last year's assessment", said Keith MacLean-Talbot, B.C. Assessment's deputy assessor.

An increase or decrease in the assessed value of any specific property does not directly impact the amount of tax the respective landowner must pay, although cumulative property values do have an impact on overall tax rates from town to town.

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