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

Filming for Resident Alien begins in Ladysmith

Aliens and excitement take over the streets of Ladysmith during new TV series

Nearly 20 individuals accessed LRCA’s cold weather shelter during 2020 snowstorm

Most individuals accessed the shelter for food, showers, laundry, and to warm up

Baby bear carving stolen from his family in Chemainus

Thief repeatedly kicked it and dislodged it from cement and rebar

Gas leak prompts mop-up response in Chemainus

Thorough check made of Croft Place before residents and business people return

Shoot the Moon pub passes public hearing stage

Rod Alsop and Jon Ludtke’s proposed pub is one step closer after a packed public hearing

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

Police search for man who went missing from Vernon hotel

Jay Rosenberger, 38, was last seen Friday

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

BC Place lights up in purple and yellow to honour Kobe Bryant

Kobe Bryant, his 13-year-old daughter and seven others were killed in a helicopter crash

Whistleblower says Iranian-Americans questioned at Peace Arch crossing were targeted

Immigration lawyer says response from Customs Border Protection is a ‘total cover up’

‘Big money’ funding B.C. politics now mostly from taxpayers

Campaign targets $16 million and counting in ‘politician welfare’

Ski lift closed at B.C. mountain over alleged actions of former employee

‘We are actively investigating and dealing with the actions of a former employee,’ said the resort

Most Read