For the first time in a few years many homeowners in BC will see a drop in their property assessments. According to the report, those with the most significant drops are homes in Whistler, the Sunshine Coast, Bowen Island and Pemberton.
While last year homeowners were generally pleasantly surprised by rising values, in some areas as much as or more than 25%, this year things are levelling off and in some cases dropping slightly.
Vancouver real estate has been seeing pretty good increases over the past decade or so. From 2002 forward the trend has been towards increases overall.
Some areas of Vancouver saw as much as 30% rises in their assessments last year. In West Vancouver, Burnaby and Richmond in particular, the household values were increasing pretty sharply.
Squamish, Pemberton and Whistler didn’t do so well last year, with drops as much as 15%. The assessment for this year is based upon the values of home from July of last year (2012).
Vancouver Real estate agents and other experts suggest a levelling off is nothing to get worried about. It is simply a slight correction in some areas.
Overall, a single family 50-foot lot on the west side was assessed at $1,622,900, seeing a drop of 1.3% from the previous year’s assessment. A 33-foot lot saw a greater decrease of 5.8% moving from $1,329,600 in the assessment from 2012 to $1,256,200 this year.
On the city’s east side however values did increase. A 33-foot lot here was assessed at $1,081,700 this year, up 4.9% from last year’s assessment of $1,031,300.
Whistler properties saw a drop of 4.8% this year for a single-family home in Alpine Meadows.
Overall, the total property roll for Vancouver is up 2.08 percent. There has also been a decline in the number of sales so far as compared to 2012. In Vancouver however, experts agree that things are still selling for higher than the previous year’s assessments.