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Real estate market on rise

Propert values in Squamish are on the rise, jumping from $2.4 to $2.6 billion this year, but area assessment officers said the increase is modest.

Propert values in Squamish are on the rise, jumping from $2.4 to $2.6 billion this year, but area assessment officers said the increase is modest.

Area assessor, Jason Grant said Squamish's rise in property prices is a reflection of changing market values as well as the $53 million invested in subdivisions, rezoning and new construction. But this year's increases are "modest when compared to last year," he said.

Mayor Ian Sutherland said the increase in property values would only impact property taxes if the rise is greater than the average.

"If your property value goes up more than the average of 5.3 per cent then your taxes will go up," said Sutherland.According to the BC Assessment office, Squamish's property values went up between four and seven per cent. Garibaldi Estates two bedroom apartments were at the bottom of that scale with a four per cent increase for an average cost of $261,000 per unit, while Brackendale single family dwellings were at the top with a seven per cent increase for an average of $373,000. Downtown single-family dwellings increased six per cent for an average of $303,100 per home. A three-bedroom townhouse in Garibaldi Estates costs five per cent more at $390,500 and a single family dwelling in Garibaldi Highlands increased to $456,000, or six per cent more.

More than 7,200 property owners in the District of Squamish can expect to receive their 2006 assessment notice in the coming days. "Most homes on this year's assessment roll are worth more than they were on the 2005 assessment roll," said Grant. "Property owners who feel that their property assessment does not reflect market value as of July 1, 2005, or see incorrect information on their notice should contact the BC Assessment office indicated on their notice as soon as possible."

-with files from Jane Emerick

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