B.C. home values to remain mostly unchanged in 2013

Unlike last year, most homeowners in B.C. won’t be seeing a huge jump in property value on their 2013 assessment. The assessments, just released today, are mostly stable, with some areas showing a drop of five per cent, or a rise of 10 per cent.

“The majority of residential homeowners will experience an assessment change of less than five per cent compared to last year’s assessment roll,” said Jason Grant, B.C. Assessment Authority assessor for Vancouver Sea to Sky. “For the first time in many years, a significant number of properties in the region are actually decreasing in value. The most significant decreases occurred in Whistler, Pemberton and on the Sunshine Coast and Bowen Island.”

Last year, homeowners in some areas of Vancouver, West Vancouver, Richmond and Burnaby saw their assessments rise as much as 30 per cent, while some areas, such as Squamish, Whistler and Pemberton saw decreases of ten to 15 per cent.

This year, assessments on Vancouver’s west side are down slightly, with larger drops in Whistler, Pemberton and Bowen Island.

For example, a 50-foot, single family lot on Vancouver’s west side that was assessed at $1,645,400 last year is assessed at $1,622,900 this year, a drop of 1.3 per cent. On the city’s east side, a 33-foot, single family lot assessed at $1,031,300 last year, is assessed at $1,081,700 this year, an increase of 4.9 per cent.

In Whistler, a single family dwelling in Alpine Meadows that was assessed for $2,252,000 last year, is assessed for $2,145,000 this year, a drop of 4.8 per cent. In the village, a two-bedroom apartment that was assessed at $491,000 last year, is assessed for $429,000 this year, a drop of 12.6 per cent.

On Bowen Island, a non-waterfront single-family home that was assessed at $530,000 last year, was assessed at $454,000 this year, a drop of 14.3 per cent. A waterfront home there dropped from $1.7 million to $1.3 million, a drop of 23.5 per cent.

In other areas of Metro Vancouver, some properties saw increases up to 10 per cent, while some areas saw drop of up to five per cent from last year.

For example, a single-family house in the Thompson area of Richmond, an area that saw 30-per-cent increases last year, is this year assessed at $1,642,000, while last year it was assessed at $1,677,000, a drop of two per cent.

Across the province, the total number of properties on the 2013 roll is 1,935,426, a 0.92 per cent increase from 2012. The total value of real estate on the 2013 roll is $1,129,026,081,413, a 2.3 per cent increase from 2012, B.C. Assessment said.

Property assessments reflect market value as of July 1, 2012. Since that time, sales in Metro Vancouver have slowed and some prices have dropped.

“In markets that have declined in value since the summer of 2012, the 2013 property assessment may be higher than current sales or listing prices,” said Zina Weston, deputy assessor.

People who feel that their property assessment does not reflect the home’s property value as of July 1, 2012, should contact the B.C. Assessment office for their area.

“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” Grant said.