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

Telus to take charge of TV and internet on Haida Gwaii following acquisition of Gwaii Communications

Haida Gwaii telecommunications service provider begins transition to new ownership following sale

Disrespectful that Horgan won’t meet during northern B.C. tour: hereditary chief

Na’moks said he was frustrated Horgan didn’t meet with the chiefs

Commercial fishing concerns over marine protected areas

Fishermen of the Northern Shelf Bioregion seek solutions through consultations

BC Green Party leader visits Wet’suwet’en camps at heart of pipeline conflict

Adam Olsen calls for better relationship between Canada and First Nations

Haida Gwaii libraries announce their most popular books from the past year

These titles had islanders booking it to the library in 2019

VIDEO: Soldiers trade rifles for snow shovels to help dig out St. John’s

A state of emergency is set to extend into a fifth day

Warm ‘blob’ could be behind mass starvation of North Pacific seabirds: study

Unprecedented death toll raises red flag for North American marine ecosystems

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

‘It was just so fast’: B.C. teen recalls 150-metre fall down Oregon mountain

Surrey’s Gurbaz Singh broke his leg on Mount Hood on Dec. 30

B.C. woman crowned the fastest female marathon runner in Canadian history

Malindi Elmore ran an incredible 2:24:50 at the Houston Marathon

Alberta bulldog breeder ordered to refund B.C. buyer over puppy’s behaviour

Tribunal ruled a verbal agreement to send a new dog superseded the written contract

Man dies in backcountry near Nelson’s Whitewater Ski Resort

The victim was found unresponsive in a tree well Friday

Cariboo Memorial Hospital on the mend after cold weather wreaks havoc

Burst pipes and water leaks cause three different incidents

Most Read