Squamish property values fell by an average of less than one per cent in the latest figures released on Wednesday (Jan. 2) by B.C. Assessment.
While the overall assessment roll went up — from $3.819 billion to $3.854 billion — from 2012 to 2013, more than $60 million of that was a result of new developments and subdivisions. Overall, the value of existing properties fell by a total of $24,612,397, a drop of 0.64 per cent.
In keeping with that, two of the four examples cited by B.C. Assessment were of properties that had dropped in value, while the other two saw valuation increases. Grant McDonald, deputy assessor for the Vancouver-Sea to Sky region, told The Chief that despite the nominal drop in values, the number of residential property sales in Squamish from July 1, 2011 to June 30, 2012, was actually quite healthy.
“The volume of sales has been declining quite rapidly in other communities in the region, but that doesn't seem to be the case in Squamish,” McDonald said. “The number of sales in Squamish is bucking the trend. For the 2012 assessment year, there were actually over 150 residential sales.”
For the region covering Vancouver, the North Shore, the Sunshine Coast, Bowen Island and the Sea to Sky Corridor, property values fell by an average of less than five per cent. All four examples cited for Whistler were down, while both Pemberton examples were down.
“For the first time in many years, a significant number of properties in the region are actually decreasing in value,” assessor Jason Grant said in a statement. “The most significant decreases occurred in Whistler, Pemberton and on the Sunshine Coast and Bowen Island.”
The four examples cited for Squamish were:
• A single-family downtown dwelling, which fell from $374,000 to $359,000 (4.0 per cent);
• A single-family Brackendale dwelling, which fell from $456,000 to $427,000 (6.3 per cent);
• A single-family Garibaldi Highlands dwelling, which rose from $497,000 to $507,000 (2.0 per cent);
• A three-bedroom townhome in Garibaldi Estates, which rose from $312,000 to $326,000 (4.5 per cent).
Those wishing to appeal their assessments must do so by Jan. 31. For more information see your assessment or visit www.bcassessment.ca