Property values continue to climb in Squamish - but surprisingly, the overall increase in provincial assessments for 2006 was below the provincial average.
B.C. Assessment is sending out 2007 assessment notices to more than 7,500 property owners in the District of Squamish in the coming days. Assessments are the estimate of a property's market value as of July 1, 2006 to allow for all properties to be assessed fairly for property taxes and are determined based on the local real estate market.
The total assessment roll for property in the District of Squamish increased from $2.6 billion in 2005 to $3.0 billion in 2006 - an increase of 15.4 per cent. Nearly half of that growth - $167.5 million - came from new construction, rezoning and subdivisions, with existing properties seeing increases of five to 10 per cent, compared to 20-plus per cent experienced in recent years.
"Market movement appears modest when compared to previous years," said area assessor, Jason Grant. "Increases of five to 10 per cent for single-family homes and condominiums are common."
Sample properties identified by B.C. Assessment showed a single-family house in Valleycliffe increasing from $294,200 in 2005 to $310,900 in 2006 - a 5.6 per cent increase. A sample Highlands single-family house rose from $456,000 to $481,000 (5.5 per cent) while a sample Garibaldi Estates three-bedroom townhouse went from $390,500 to $418,000 (7 per cent).
By comparison, the provincial assessment roll grew 23 per cent, to $808 billion. Communities such as Anmore, Belcarra and Vernon experienced increases of more than 30 per cent.
Whistler and Pemberton's assessment rolls were even more stagnant, with 1.4 per cent growth in Pemberton ($416 million from $410 million in 2005) and 0.9 per cent growth in Whistler ($10.12 billion from $10.03 billion in 2005).
