A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017. THE CANADIAN PRESS/Graeme Roy

B.C. assessed home values to dip 2.5% in 2020

‘Changes in property assessments really depend on where you live,’ BC Assessment’s Tina Ireland says

Most of the province can expect ‘moderate’ changes in their property values, in large part because of a sluggish housing market in 2019.

On Thursday, BC Assessment released its annual assessments, based on market projections as of July 1, 2019 for more than two million properties.

ALSO READ: CMHC expects housing market to recover in next two years after declines

On the whole, property values dipped about 2.5 per cent to $1.94 trillion, but assessor Tina Ireland said it depends on where you live.

“For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value,” Ireland said in a news release, “while other markets and areas of the province will see minimal change and even modest increases over last year’s values.

“Commercial properties continue to trend upwards in many parts of the province, but have stabilized within the Lower Mainland.”

Within Metro Vancouver, each municipality saw a decrease in single-family residential property value except for Whistler and Pemberton, which saw five-per-cent increases. In Whistler, the average benchmark became more than $2 million, up from $1.9 million.

West Vancouver saw the largest drop in value, at 16 per cent, from $2.8 million to $2.3 million on average.

ALSO READ: Don’t agree on your property assessment? Here’s what to do

On Vancouver Island, the biggest spikes were in Tofino and Alert Bay at 15 per cent. Tofino’s average home price rose from $767,000 to $883,500.

In the Thompson-Okanagan region, the majority of homeowners should see an increase in value, deputy assessor Tracy Shymko said in the release.

“Comparing July 2018 and July 2019, home values have risen consistently for most of Kamloops and the Thompson with a few communities seeing increases slightly higher than others, especially in Clinton, Lillooet, Ashcroft and Lytton,” she said.

The biggest hike was in Lillooet, from $215,0000 to $257,000, or roughly 25 per cent.

Meanwhile, Kelowna, West Kelowna and Peachland saw one- to two-per-cent dips.

Properties in northern B.C. earned a mix of modest increases and decreases.

“There are some exceptions such as Terrace and Kitimat where most homeowners will see increases of 20 percent and 40 percent respectively,” said deputy assessor Jarret Krantz.

Values slid five per cent in Dawson Creek and Fraser Lake, and dropped one per cent in 100 Mile House and Burns Lake.

Region by region, properties in Kootenay-Columbia saw the most widespread overall increase. The only areas where values went down were Slocan at one per cent and Midway at seven per cent.

Deputy assessor Ramaish Shah said assessed property values rose in this region largely because of unusually high demand. Proprieties in Salmo rose an average of 20 per cent in value, followed by a 16-per-cent jump in Warfield and 11 per cent in Creston.


@ashwadhwani
ashley.wadhwani@bpdigital.ca

Like us on Facebook and follow us on Twitter.

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Order of Canada musician Phil Dwyer pens ‘The Ballad of Bonnie Henry’

Qualicum Beach lawyer notes provincial health officer has become a ‘folk hero’

COVID-19: Latest update from City of Parksville

Playgrounds remain closed, bylaw officers to support enforcement of rules

Parksville, RDN moves to Stage 2 watering restrictions as of April 1

‘Snowpack accumulation has been below average’

PQB crime report: Resident provides banking information after email saying they had won lottery

Fraud, theft among 240 complaints received by Oceanside RCMP in one-week period

PQBeat Podcast: Talking cars with Philip Wolf and Peter McCully

Listen: Chat includes best and worst vehicles, dream rides and more

‘The Office’ star John Krasinski offers Some Good News in trying times

‘The human spirit still found a way to break through and blow us all away’

COVID-19: List of postponed/cancelled events in the Parksville Qualicum Beach area

Send your organization’s updates to editor@pqbnews.com

B.C. worker advocate group calls for more sick days, protected medical leave

COVID-19 highlights need for changes to workers legislation: Retail Action Network

Sweet treat helps make workers at Island health care centre feel complete

Girl Guide cookies always in good taste when showing appreciation

New rules issued for B.C. construction projects, work camps for COVID-19

Coastal GasLink, LNG Canada, Trans Mountain and Site C carry on

Nanaimo sheep farmer voices fears over flung dog feces

Deborah Wytinck worries parasites in dog feces tossed into pasture could infect her sheep

Canada to spend $2B more on procuring medical supplies for COVID-19 fight

Government has signed deals with three companies

Most Read