The unpredicted spike in home sales and prices in early 2011 has made property assessments increase significantly this year. From up to 15% in
Squamish, Whistler, and Pemberton will see small decreases but over all 2011 was a great year for Real Estate in
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When Metro Vancouver and regional property owners receive their 2012 assessment notices in the mail over the next few days, they'll see a wide variation in values by region, city and neighbourhood.
The Sea to Sky region, for example, will see assessments generally down, with Squamish homeowners' property values dropping up to 10 per cent in some areas and rising five per cent in others, according to BC Assessment. The valuation date was
In Whistler and Pemberton, some property owners will see decreases in values up to 15 per cent.
"Almost all homes in [the city of
Property owners in
Setticasi also noted the assessments reflect values on July 1. "We had a surge in the beginning of , it peaked in the summer, and came down a bit in the second half of the year, which won't be reflected in the assessment."
But Squamish's assessment roll declined from $3.92 billion last year to $3.81 billion.
An example of local market trends, according to BC Assessment, is a single family home in Squamish's Garibaldi Highlands neighbourhood which will see its assessment drop from $531,000 to $497,000, while another home in Whistler's Alpine Meadows neighbourhood will see its assessed value drop from $964,000 to $918,000.
However, a home on a 50-foot lot on Vancouver's west side will see its value rise from $1.19 million to $1.645 million, while another east Vancouver detached home on a 33-foot lot will rise from $816,000 to $1.03 million.
"Most homes in the
On a percentage basis, the total change for all residential property types was up 7.9 per cent in Surrey, 16.4 per cent in Vancouver, 16.5 per cent in Richmond, 5.2 per cent in New Westminster, 12.2 per cent in Burnaby, 6.9 per cent in Coquitlam, 5.1 per cent in North Vancouver city, 7.6 per cent in North Vancouver district, 15.9 per cent in West Vancouver, but down 1.9 per cent in Squamish, five per cent in Lions Bay, 6.2 per cent in Whistler and 3.2 per cent in Sechelt.
"There was a volatile world economic situation [and] people were looking for value for their money, things they need as against things they want."
He said that while activity picked up in late 2011, prices haven't reflected that because most activity is in the under-$1 million market.
He also noted that there has been a "noticeable" drop in buyers from the
"Squamish hasn't had the same appeal as other suburban markets, and I don't know why. It's very good value for an area within 40 minutes of downtown
Assessments were generally stable or down in other parts of the province, including
The total number of B.C. properties on the 2012 roll is 1,917,394, a 0.75-per-cent increase from 2011.
The total value of real estate on the 2012 roll is $1.1 trillion, a 6.42-per-cent increase from 2011.