Property values rise

Property assessments are up slightly across most of B.C., with some dips in the Okanagan and on Vancouver Island.

  • Wed Jan 8th, 2014 7:00am
  • News

Property assessments are up slightly across most of B.C., with dips in average residential values in the Okanagan and on Vancouver Island.

The biggest increases were in the Northwest and Peace River regions, where total residential value rose about 10 per cent as natural gas and other industrial development picks up speed.

The B.C. Assessment Authority released its 2014 property assessment rolls Thursday, showing continued slight growth in total property values in most regions of B.C. The value of all property in B.C. rose 1.27 per cent, despite declines in most regions for farm, recreational and managed forest land.

In the Prince George area, values increased or stayed the same, with Mackenzie and Burns Lake seeing the largest rises in assessed values.

“Most home owners in the Prince George Assessment Area will see changes in the minus five percent to plus 15 per cent range,” said Geoff Radtke, Deputy Assessor with the North Region.

In Fort St. James, the average assessed value for single family residential homes rose 1.2 per cent from $166,000 to $168,000.

Vanderhoof saw an increase of 6.5 per cent, while Mackenzie saw the largest increase in the area, with a rise in value of 19.2 per cent, from $125,000 to $149,000 in 2014.

The total value of commercial properties on the assessment roll increased 1.87 per cent in Fort St. James, from $40,579,000 to $41,338,000.

Vanderhoof saw an increase of 9.12 per cent, from $96,739,00 to $105,560,000. Mackenzie commercial property on the assessment roll went up 2.3 per cent from $69,478,000 to $71, 092,000.

In the Lower Mainland, most residential values showed modest increases, from almost flat on the North Shore to 1.61 per cent in Vancouver, 0.68 in North Fraser, 1.98 per cent in Surrey-White Rock and 1.53 per cent in the Fraser Valley. Richmond-Delta recorded the only decline in the region, with residential total value down 0.15 per cent.

In Southern Vancouver Island, total residential property value fell 2.69 per cent, with similar decreases for recreational and farm property.  Central Vancouver Island residential property slipped 1.31 per cent, with similar decreases in industrial, recreational and farm property and a 2.67 per cent rise in business property. Penticton region residential property is down 0.94 per cent, with a similar dip in farm value. Kelowna also had about a one per cent drop in farm value, with residential value steady compared to 2013.

Residential value held steady in the Cariboo region, with declines recorded in industrial, farm and forest land.

The largest moves in the 2014 assessment roll were for managed forest land, which showed a jump of 15.3 per cent in the Fraser Valley and drops of 10 per cent or more in other regions.

Rod Bealing, executive director of the Private Forest Landowners Association, said the value reflects fluctuations in the price of logs, with property value lagging the timber market by several years.

Assessments for regions and individual properties are available at www.bcassessment.ca, where property owners can find information on appealing their assessment for property tax purposes.