Property values slip for Okanagan, Island

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

Condo construction in Victoria

Residential property assessments are up slightly across most of B.C., with dips in average 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.

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

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. Business property is up 3.89, and major industrial property jumped 17.45 per cent.

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. The Courtenay region saw residential values hold steady, with business property up 3.36 and farm and recreational values down two per cent.

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. The Vernon region saw a 1.57 per cent drop in residential value and a 1.95 per cent dip in farm value.

Residential property value was up 1.21 per cent in the Nelson-Trail region, up 1.31 per cent in the East Kootenay and up 0.76 per cent in the Kamloops region.

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.

 

Just Posted

Two people rescued after falling from lifeboat at Ogden Point

Crew members of the Explorer of the Seas cruise ship fell into the water Thursday night

Online blasting video helps ease Sooke residents concerns

Complaints of dust ongoing since 2017

View Royal Park sign taken down after glitch redirects to pornographic website

Resident looking to learn more about workout equipment discovered the problem code

Group pushing to preserve Saanich Hydro land as park

Neighbours petitioning to buy surplus land on Kings Road

Son of missing Oak Bay woman asks for continued public support

‘Because she is still out there, somewhere’

Here’s what you need to know about Day 1 at the BC Games

All 18 events kick off on the track, riding ring, fields, courts and lake in the Cowichan Valley

Saanich balances need for sewer with rural protection

A Saanich councillor says the public does not need to be concerned… Continue reading

Five fun things to do this weekend

From a paint in to festivals, there are lots of fun events taking place this weekend

BC toddler with ‘allergy’ to sun waiting for bone marrow transplant

Charlie Lock, 2, needs treatment for damage caused by rare disorder EPP

VIDEO: How to throw a frisbee

Ultimate frisbee player Amy Mackay shows off the proper technique

Site C dam project plagued by problems: expert

E. Harvey Elwin expresses concern about internal BC Hydro and government documents

Seal attacks kayakers off northern Vancouver Island

‘It has to be one chance in a million of this happening.’

Special Olympic athletes take on BC Games during special anniversary

Known as the Global Day of Inclusion, July 20 marks the first Special Olympics in 1968 in Chicago

Fundraiser to help mom of jogger detained after crossing U.S. border

Cedella Roman, 19, was held in U.S. after accidentally crossing border in South Surrey

Most Read