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

Kimberley Nordic Club hosting Teck Kootenay Cup races 5 and 6 in February

The races will take place on February 8 and 9, 2020.

Kimberley couple rescued by Fernie Search and Rescue

Fernie Search and Rescue (SAR) was activated twice this past weekend to… Continue reading

Jared du Toit qualifies for 2020 PGA Tour Latinoamérica

Kimberley’s Jared du Toit won the PGA Tour Latinoamérica Qualifying Tournament Mexico… Continue reading

Friday fatality at Fernie Alpine Resort

It’s the second person to die in a tree well at a ski resort in B.C. in the past week.

Kimberley Dynamiters win two overtime games on weekend

The Kimberley Dynamiters were celebrating as though they had won, and the… Continue reading

VIDEO: Bobcat infiltrates Shuswap couple’s coop, feasts on fowl

Police officers credited for attempting to assist with animal’s extraction

VIDEO: 17 Husky pups rescued from Interior B.C. property find new homes

The BC SPCA caught the moment on video the last puppy, Uki, met his owners

U.S. officials confirm first case of Wuhan coronavirus near Seattle

The U.S. is the fifth country to report seeing the illness

Power lines cut as thieves strike Vancouver Island veterinary hospital

‘Thankfully there weren’t any animals or staff in the clinic when this happened’

VIDEO: B.C. mom shares ‘insane’ experience of viral dinosaur video

Tabitha Cooper filmed her costumed sons meeting their grandma at the Victoria International Airport

Vancouver Island home to one of Canada’s largest private skateboard collections

Eric Pinto owns hundreds of boards, spanning multiple decades

ICBC to bring in ranking system for collision, glass repair shops

Change comes after the much-maligned auto insurer has faced criticism for sky-high premiums

Most Read