Real estate markets and assessments
There is no doubt the real estate market in 2011 was sluggish and that prices have softened making it an ideal time for buyers.
As in most areas sales rose in the summer months and remained relatively unchanged in the winter months leading to the holiday season.
In December, 2011 residential single family homes in Sooke showed 10 sales with an average price of $395,120 up slightly from the six month average of $376,250.
Interesting to note is that the average price in neighbouring Metchosin was $570,000 (likely larger properties); Langford $524,059, Colwood $445,614 and Sidney $506,944. The average price for a single family home in the Greater Victoria area, which includes Sooke, was $592,582.
One condominium sold in Sooke for $212,500. The average price in the GV region was $312,066. The closest average price to Sooke’s was $235,000 in Esquimalt.
Townhouse sales in Sooke amounted to two with an average price of $271,250.
Manufactured homes sales amounted to two with an average price of $66,000.
No lots or acreages were sold in December 2011.
Assessment notices for 2012 have been sent to homeowners. On average the local trend is a slight decrease in assessments in Sooke. The 2010 assessment roll in Sooke was $402,000, in 2012 $402,000.
Property owners who feel their property assessment does not reflect the market value as of July 1, 2011 or see incorrect information on their notice should contact the BC Assessment office as soon as possible in January. They may submit a Notice of Complaint (Appeal) by January 31 for an independent review by a Property Assessment Review Panel.
The Capital assessment office is located at Ste. 102-3350 Douglas Street in Victoria.
Assessments are the estimate of a property’s value as of July 1, 2011 and physical condition as of October 31, 2011. The common valuation date ensures there is a equitable property assessment base for property taxation.
Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. Professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
For more information on the 2012 assessment roll and regional province-wide real estate market trends, visit www.bcassessment.ca and clock on the 2012 assessment roll information link.