Some are up, some are down – that’s the story of property values in BC, according to the latest assessments from the B.C. Assessment Authority.
The Crown corporation says most BC homeowners will see a change of less than five per cent in the value of their properties compared to last year. However, some areas will see a drop.
“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,” provincial assessor Jason Grant stated in a news release.
Prices also fell in some Vancouver markets, including the city’s Westside, although the area is still home to seven of the 10 most expensive properties in the entire province, including a $39-million home in Point Grey (pictured above courtesy Google Street View).
BC Assessment is responsible for classifying and assessing the value of all properties in BC. The data is used by municipalities to determine property taxes for owners.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” Grant states in the release.
“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,” he added.
Meanwhile, the BC government is increasing the threshold for people to receive the homeowner grant. The threshold will rise by $10,000, meaning people with homes valued up to $1.29 million will qualify for the grant (about 95 per cent of homeowners).
More information on the homeowner grant can be found on the province’s website.