A sold sign is shown in front of west-end Toronto homes Sunday, April 9, 2017. THE CANADIAN PRESS/Graeme Roy

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

Kent Harrison Search and Rescue brought a man to safety, and awaiting paramedics, after a 20-foot fall down an embankment on Jan. 23, 2020, on Harrison West Forest Service Road. (Kent Harrison Search and Rescue photo)
Rescue crew lifts man up 20-foot embankment near Harrison Lake

Kent Harrison Search and Rescue says this is the fifth call already this year

A mallard duck swims through Salish Pond in Chilliwack on Saturday, Jan. 23, 2021. (Jenna Hauck/ Chilliwack Progress)
WEATHER: Snow, rain in forecast for Fraser Valley

Fraser Valley has been treated to more than a week of mostly sunny weather, but it’s about to end

sd
VIDEO: Mission drag racer scores 1st career win, sets world record, makes history in 2020

Justin Bond, founder and owner of JBS Equipment, hits milestones in break-out year

Police tape is shown in Toronto Tuesday, May 2, 2017. (Graeme Roy/The Canadian Press)
CRIME STOPPERS: ‘Most wanted’ for the week of Jan. 24

Crime Stoppers’ weekly list based on information provided by police investigators

Terrance Josephson of the Princeton Posse, at left, and Tyson Conroy of the Summerland Steam clash during a Junior B hockey game at the Summerland Arena in the early spring of 2020. (John Arendt - Summerland Review)
QUIZ: How much do you know about hockey?

Test your knowledge of Canada’s national winter sport

A woman injects herself with crack cocaine at a supervised consumption site Friday, Jan. 22, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Drug users at greater risk of dying as services scale back in second wave of COVID-19

It pins the blame largely on a lack of supports, a corrupted drug supply

Wet’suwet’en supporters and Coastal GasLink opponents continue to protest outside the B.C. Legislature in Victoria, B.C., on Thursday, February 27, 2020. THE CANADIAN PRESS/Chad Hipolito
‘We’re still in it’: Wet’suwet’en push forward on rights recognition

The 670-km Coastal GasLink pipeline was approved by B.C. and 20 elected First Nations councils on its path

Jennifer Cochrane, a Public Health Nurse with Prairie Mountain Health in Virden, administers the COVID-19 vaccine to Robert Farquhar with Westman Regional Laboratory, during the first day of immunizations at the Brandon COVID-19 vaccination supersite in Brandon, Man., on Monday, January 18, 2021. THE CANADIAN PRESS/Tim Smith - POOL
Top doctor urges Canadians to keep up with COVID measures, even as vaccines roll out

More than 776,606 vaccines have been administered so far

From the left: Midway RCMP Csts. Jonathan Stermscheg and Chris Hansen, Public Servant Leanne Mclaren and Cpl. Phil Peters. Pictured in the front are Mclaren’s dog, Lincoln and Peters’ dog, Angel. Photo courtesy of BC RCMP
B.C. Mounties commended for bringing firewood to elderly woman

Cpl. Phil Peters said he and detachment members acted after the woman’s husband went to hospital

Dr. Jerome Leis and Dr. Lynfa Stroud are pictured at Sunnybrook Hospital in Toronto on Thursday, January 21, 2021.THE CANADIAN PRESS/Frank Gunn
‘It wasn’t called COVID at the time:’ One year since Canada’s first COVID-19 case

The 56-year-old man was admitted to Toronto’s Sunnybrook Health Sciences Centre

An Uber driver’s vehicle is seen after the company launched service, in Vancouver, Friday, Jan. 24, 2020. Several taxi companies have lost a court bid to run Uber and Lyft off the road in British Columbia. THE CANADIAN PRESS/Darryl Dyck
Taxi companies lose court bid to quash Uber, Lyft approvals in British Columbia

Uber said in a statement that the ruling of the justice is clear and speaks for itself

A 75-year-old aircraft has been languishing in a parking lot on the campus of the University of the Fraser Valley, but will soon be moved to the B.C. Aviation Museum. (Paul Henderson/ Chilliwack Progress)
Vintage military aircraft moving from Chilliwack to new home at B.C. Aviation Museum

The challenging move to Vancouver Island will be documented by Discovery Channel film crews

Most Read