How much has your home gone up?
That’s the question being asked around Squamish this week as BC Assessment released its latest figures online.
Assessed values of single-family houses typically jumped 30 to 50 per cent, while condos and townhouses face increases of 15 to 30 per cent.
But a large number people living in Squamish saw spikes of 60 per cent or more, including the homeowner discussed on the front page who saw her house in Brackendale assessed at 73 per cent more than in 2015.
We’ve never seen this drastic of an increase before. Many homeowners are happy to see their investments lucratively paying off, especially since homes often sell for more than their assessed value. Cha-ching!
If you bought your home five years ago, it typically would have increased 69 per cent, according to stats by the Real Estate Board of Great Vancouver. That’s a big spike in only half a decade.
But some homeowners still have concerns.
Will property taxes rise? Not necessarily, according to the District of Squamish. Taxes, however, typically do go up for many – last year saw an average increase of four per cent. (Seniors over 65 years old can apply for a grant to reduce their property taxes.)
Still, even with the possible tax increase, homeowners in Squamish have made a great investment by buying property in the district.
As of November, the benchmark price of a single-family house is $792,100, up 27 per cent from last year. Townhouses are $628,000 and apartments are $361,000, up 30 and 23 per cent, respectively.
But the market is slowing somewhat. In October there were only 33 sales compared to 68 in October of 2015. A total of 569 properties sold from January to September, compared to 572 during the same time period in 2015.
Despite this, prices continue to climb and sales typically pick up in the warmer months.
More people are being priced out of the Lower Mainland market or are sick of the congestion that city life includes. They are seeing Squamish as a great – and more affordable – alternative to living where they can’t afford.
This could drive prices up further, with the negative effect of casting some people out of the housing market and raising rent on others.
It’s these people who truly suffer when prices skyrocket like they have been lately. They are the ones who will have to leave Squamish due to not being able to pay rent, or who can’t afford to buy a place where they grew up.
