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

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.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Bill Almond’s observatory in its new home on a Saanich lakeside. (Submitted/Cameron Burton)
Colwood stargazing dome makes a move to Saanich

The backyard structure finds a new home after 30 years

Chris Grzywacz, development agent for cannabis supplier Seed and Stone’s, holds products from the new Songhees Cannabis S + S store on April 20. (Jake Romphf/ News Staff)
First cannabis store opens on Songhees Nation, creates economic opportunity says chief

The Songhees Cannabis S + S had a soft launch at its 1502 Admirals Road location on April 20

B.C. Finance Minister Selina Robinson outlines the province’s three-year budget in Victoria, April 20, 2021. (B.C. government video)
B.C. deficit to grow by $19 billion for COVID-19 recovery spending

Pandemic-year deficit $5 billion lower than forecast

Darrel McLeod won the Governor General’s Literary Award for Non-Fiction in 2018 for his first book, Mamaskatch: A Cree Coming of Age. His newly-released memoir, Peyakow: Reclaiming Cree Dignity, follows as a sequel. (Black Press Media file)
Critically acclaimed Sooke author releases new memoir

Peyakow follows as a sequel to Darrel McLeod’s first book, Mamaskatch: A Cree Coming of Age

RCMP have appealed to the public for help identifying the man. (Black Press Media file image)
Police, dog unit called after man exposed himself at West Shore elementary school

West Shore RCMP credits students, aged 11 and 5, for seeking help

FILE – NDP Leader John Horgan, right, and local candidate Mike Farnworth greet one another with an elbow bump during a campaign stop in Coquitlam, B.C., on Friday, September 25, 2020. THE CANADIAN PRESS/Darryl Dyck
B.C. won’t be using random individual road stops to enforce travel rules: Safety Minister

Minister Mike Farnworth says travel checks only being considered at major highway junctions, ferry ports

A man pauses at a coffin after carrying it during a memorial march to remember victims of overdose deaths in Vancouver. THE CANADIAN PRESS/Darryl Dyck
B.C. announces historic half-billion-dollar funding for overdose crisis, mental health

Of it, $152 million will be used to address the opioid crisis and see the creation of 195 new substance use treatment beds

Children’s backpacks and shoes are seen at a CEFA (Core Education and Fine Arts) Early Learning daycare franchise, in Langley, B.C., on Tuesday May 29, 2018. THE CANADIAN PRESS/Darryl Dyck
B.C. budget to expand $10-a-day child care, but misses the mark on ‘truly universal’ system

$111 million will be used to fund 3,750 new $10-a-day spaces though 75 additional ChildCareBC universal prototype sites over the next three years.

Mak Parhar speaks at an anti-mask rally outside the Vancouver Art Gallery on Sunday, Nov. 1, 2020. Parhar was arrested on Nov. 2 and charged with allegedly violating the Quarantine Act after returning from a Flat Earth conference held in Geenville, South Carolina on Oct. 24. (Flat Earth Focker/YouTube.com screenshot)
Judge tosses lawsuit of B.C. COVID-denier who broke quarantine after Flat Earth conference

Mak Parhar accused gov, police of trespass, malfeasance, extortion, terrorism, kidnapping and fraud

Ambulance paramedic in full protective gear works outside Lion’s Gate Hospital, March 23, 2020. Hospitals are seeing record numbers of COVID-19 patients more than a year into the pandemic. (The Canadian Press)
B.C.’s COVID-19 infection rate declines, 849 cases Tuesday

Up to 456 people now in hospital, 148 in intensive care

Christy Clark, who was premier from 2011 to 2017, is the first of several present and past politicians to appear this month before the Cullen Commission, which is investigating the causes and impact of B.C.’s money-laundering problem over the past decade. (Darryl Dyck/Canadian Press)
Christy Clark says she first learned of money-laundering spike in 2015

The former B.C. premier testified Tuesday she was concerned the problem was ‘apparently at an all-time high’

Most Read