Squamish residential property values rose nearly two per cent in 2010, bucking the Sea to Sky Corridor trend but lagging far behind the 12 per cent rise posted by those in Vancouver.
The figures, which were available online at www.bcassessment.ca on Monday (Jan. 3), showed Squamish residential values having risen an average of 1.99 per cent during the assessment period of July 1, 2009 to June 30, 2010. Commercial properties in Squamish fell by an average of 2.16 per cent during the same period.
By comparison, residential property values fell by 2.06 per cent in Whistler and 1.87 per cent in Pemberton, while commercial property values were off by 5.36 per cent and 4.12 per cent, respectively, in those two communities.
The value of residential properties in Vancouver rose 12 per cent, while those in West Vancouver rose 13 per cent. Richmond had the highest property-value increase, 17 per cent. Most communities in the Greater Vancouver and Fraser Valley areas were generally up between eight and 13 per cent.
Individual property assessments, which are used by local governments, the Ministry of Eeucation and hospital districts to help determine taxation levels, vary from property to property. In Squamish, most of the more than 8,400 residential properties were at or near last year's assessed values.
"The majority of residential property owners in the District of Squamish will see assessments similar to the 2010 roll," Jason Grant, area assessor with B.C. Assessment, said in a statement issued on Tuesday (Jan. 4). "Most homeowners in the District will see changes in the -5 per cent to 5 per cent range."
B.C. Assessment offered the following examples of individual properties:
A single-family dwelling in downtown Squamish, assessed at $373,800 on July 1, 2009, increased to $390,000 on July 1, 2010, a 4.3 per cent hike;
A single-family home in Brackendale increased from $447,000 in 2009 to $450,000 in 2010, a hike of 0.67 per cent;
A single-family home in Garibaldi Highlands increased from $492,000 in 2009 to $531,000, a hike of 7.9 per cent;
A two-bedroom apartment in Garibaldi Estates increased slightly from $210,200 to $210,500, a rise of 0.14 per cent;
A three-bedroom townhouse in Garibaldi Estates saw its assessed value hold steady at $335,000.
The District of Squamish's combined residential and commercial assessment roll increased from $3.871 billion in 2009 to $3.941 billion in 2010, an increase of $70 million. However, there was also $72 million in new subdivisions, rezonings and new construction, so the overall assessed value of existing properties fell by $2 million.
Those who feel that their assessments do not reflect market value as of July 1, 2010, can find more information at www.bcassessment.ca. Those who notice incorrect information on their notices, or who have other questions, may call the Vancouver-Sea to Sky Regional office at 1-800-661-1780 ext. 450. Those wishing to appeal their assessments must do so by Jan. 31.
