It seems that bad news is pervasive lately, so the good news that Squamish residents received in their mailboxes last week was welcome.
The Canadian dollar is weak, oil prices have barreled down, and employers across the nation don’t plan to hire many employees in 2016. The national numbers paint a depressing picture of a tattered economy.
But here in Squamish, our economic outlook seems mostly positive, and the best evidence of this was in the envelopes that arrived in homeowners’ mailboxes last week from BC Assessment.
Many homeowners saw increases of 15 to 20 per cent compared with last year’s value, an astonishing jump in one year. Our overall 17.33 per cent hike was the second highest in B.C., second only to Lions Bay.
The increases included all areas of Squamish and all types of housing. People were excited to see the jumps in value, even if they had no plans to cash out by selling any time soon. Our community has become more valuable, and the real estate market is sizzling. The BC Assessment evaluations were confirmation that this is true.
In Squamish, the 2015 assessment total was $4.01 billion, and new construction during the year added up to $60.6 million. You’ve probably noticed the dust, bulldozers and construction crews everywhere, all year, so this figure isn’t surprising.
Canadians everywhere have a tendency to look at the negative, especially during the dark days of winter, and some local residents are already worrying about effects on property taxes and rentals. But the assessments are positive news.
Your property taxes won’t go up by the amount of the increase. Council is planning a 4.8 per cent budget increase, and it will set a mill rate that will allow the district to collect exactly what it needs. Budget deliberations are still underway, but it’s highly unlikely your tax hike will be even close to your assessment increase.
And for the beleaguered rental market, an increase in value will likely mean more construction to meet the demand. Banks will be more likely to lend renovation money to homeowners who want to create a rental suite in their basements, for example, based on the higher value of the homes. And developers are already lined up at council’s doors each week asking for approval on more complexes that will create more places to live in this town.
Celebrate the assessment increase. It’s real, and it’s spectacular news for Squamish, the town where it seems everyone wants to live.
– Editor Christine Endicott
