For the first time since 2010, Squamish residential property values are on the rise.
According to the annual BC Assessment, the District of Squamish saw an increase of 3.28 per cent overall for residential properties and 2.24 per cent for business and other properties in 2014.
Squamish follows a similar trend throughout the Vancouver Sea to Sky Region, which saw increases as high as 15 per cent.
“Most homes in the Vancouver-Sea to Sky Region are worth more in value compared to last year’s assessment roll,” deputy assessor Dharmesh Sisodraker stated in a news release. “Most homeowners in Vancouver Sea to Sky Region will see changes up to 15 per cent.”
The overall assessment roll for Squamish cracked the $4 billion mark, clocking in at $4,014,640,369 – up from $3,854,453,704 last year.
All four sample properties cited by BC Assessment increased, with a single family dwelling in Garibaldi Highlands rising to $543,000 from $504,000 – an increase of 7.7 per cent. The sample downtown single family dwelling rose to $366,000 from $345,000 (up 6.1 per cent); the sample Brackendale single family dwelling went to $473,000 from $446,000 (up 6.1 per cent) and a Garibaldi Estates three-bedroom townhouse increased to $324,000 from $322,000 (up 0.6 per cent).
Overall, the Vancouver Sea to Sky region’s assessment roll increased to $407.1 billion this year from $374.1 billion last year. Of note, a total of almost $5.7 billion was added through subdivisions, rezoning and new construction.
Property owners should be receiving their 2015 assessment notices in the mail in the next few days.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2014 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” added Sisodraker. “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 Feb. 2, for an independent review by a Property Assessment Review Panel.”
The Vancouver Sea to Sky assessment office is located at Suite 200 – 2925 Virtual Way in Vancouver. During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online by clicking “connect” at www.bcassessment.ca.
