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

Trudeau exonerates hanged war chiefs of 1864 on B.C. Tsilhqot’in title lands

Prime minister rides horseback with Chief Joe Alphonse, TNG Chairman, to Xeni Gwet’in meeting place

B.C. Legions in need of young members to continue aiding veterans into the future

Lest we forget what thousands of men and women did to fight for Canada’s freedoms – but without new membership, many Legion chapters face dwindling numbers

Rain, snowfall warnings in effect across B.C.

B.C.’s Interior set to get hit with snow while the Lower Mainland is expected to see more rain

Turn your clocks back: Daylight Saving time ends Sunday

Don’t forget to turn back your clock, change your batteries

Residents search for answers in time of high bear/human conflict

It’s been a stressful year for residents and bears in the Bella Coola Valley

VIDEO: Marvel Comics’ Stan Lee dies

Marvel co-creator was well-known for making cameo appearances in superhero movies

Surging Rangers beat visiting Canucks 2-1

Goalie Lundqvist ties Plante on all-time wins list

VIDEO: Newcomer kids see first Canadian snowfall

Children arrived in Canada with their mother and two siblings last week from Eritrea

Calgary 2026 leader expects close vote in Winter Games plebiscite

Residents to choose in a non-binding vote on Tuesday whether they want city to bid on 2026 Olympics

Feds dropped ball with WWI anniversary tributes: historians

Wrote one historian: ‘Other than the Vimy Ridge celebration … I think they have done a very bad job’

Sides ‘far apart’ in Canada Post talks despite mediation, says union

The lack of a breakthrough means rotating strikes will resume Tuesday

Feds’ appeal of solitary confinement decision in B.C. to be heard

Judge ruled in January that indefinite such confinement is unconstitutional, causes permanent harm

B.C. health care payroll tax approved, takes effect Jan. 1

Employers calculating cost, including property taxes increases

Nunavut urges new plan to deal with too many polar bears

Territory recommends a proposal that contradicts much of conventional scientific thinking

Most Read