ibusinesslines.com December 16, 2018

Commercial property values to increase up to 50 per cent: BC Assessment

12 January 2018, 09:06 | Kelvin Horton

Commercial property values to increase up to 50 per cent: BC Assessment

Top valued home in the Thompson Okanagan located at 4358 Hobson Rd. in Kelowna assessed at $10,029,000

Annually, BC Assessment grades the value of homes by analyzing a number of factors including current sale prices in the neighbourhood, property size, age, quality, condition, view and location.

On Tuesday, BC Assessment released its annual assessment figures detailing changes in the value of real estate across B.C.

There was a moderate increase year-over-year in the City of Kamloops, up nine per cent compared to last year.

The property assessments are based on market values of July 1, 2017, and are used to calculate municipal property taxes. "The single-family market is much quieter this year".

The average assessment in Osoyoos rose to $472,000 as of July 1, 2017 - an increase from $402,000 a year earlier.

One of the biggest increases this year was in townhouses in the Resort Municipality of Whistler.

Property values in the North Peace continued to decline previous year, while values increased in many parts of the South Peace, according to BC Assessment.

"The western communities increased, Sidney increased, and those jurisdictions a year ago didn't experience the same kind of volume", said Deputy Assessor Gerry Marolla.

That pattern was repeated throughout the North Shore. "That's pretty constant throughout the Greater Vancouver area, into the Fraser Valley, and across over into the Island", says Tina Ireland with BC Assessment.

A 1971 single-family house in Lynn Valley went up six per cent to $1.7 million while an Upper Lonsdale condominium built in 1990 ballooned 18 per cent in value to $662,000.

Last year Osoyoos saw a 9.6-per-cent increase. An Ambleside single-family home built in 1948 would be up seven per cent to about $3.5 million, while a luxury home on the waterfront would actually have fallen in value by about five percent - to $5.5 million.

As houses become out of reach for more people, he said, cheaper properties become more attractive and their relatively low supply is driving much of the increases.

Realtor Satnam Sidhu with ReMax Crest Realty said trends are the same throughout the urban areas of the Lower Mainland.

"It could be an affordability thing, as that product is generally more affordable than a single-family home, or it could be a desire for some people to live in a strata".

"In the strata market, they're showing a higher demand for that product type".

"A lot of people won't qualify", he said. "Before that, the market was very strong from 2004 to 2008, but the prices were much less than they are today".

Condos are up, but detached homes are stagnant. Even clients who are dual-income earning professionals have been largely priced out of the single-family market, he added.

The highest assessed property for Vancouver Island and the Gulf Islands is an acreage on James Island valued at $5.4-million.

It's that time of year when the annual property assessment notice envelope appears in the mail¬box or by e-mail, displaying 2018 property assessment values and classification.

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