BC Assessments show slight drop for N. Island

Property and home values on the North Island have largely remained stable or dropped according to BC Assessments.

Property and home values on the North Island have largely remained stable or dropped, particularly in more remote areas, according to assessments sent to owners by BC Assessments last week.

“Most homes in North Vancouver Island are worth less in value compared to last year’s assessment roll,” said Vancouver Island Regional Acting Assessor Bill Dawson.

The percentage of change ranges from -5 to +10 per cent in Port Hardy; -10 to +5 per cent in Port McNeill; -5 to +10 per cent in Alert Bay and -10 to +10 per cent in rural parts of the District of Port Hardy. All other areas show decreases or zero gain, with the largest drops in home value in Sayward (-25 per cent), Tahsis (-25 per cent) and Gold River (-20 per cent).

The total assessment roll for for North Vancouver Island fell from $993,118,901 in 2013 to $976,308,111 for the 2014 tax year, despite the gain of more than $9.5 million from subdivisions, rezoning and new construction.

BC Assessments stresses the 2014 figures reflect the averages of local market trends for residential properties by geographical area. Trends for individual properties are affected by many variables and may differ from these averages.

“Property owners who feel their property assessment does not reflect market value as of July 1, 2013 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January,” Dawson said.

Property owners can contact BC Assessment toll-free at 1-866-valueBC or by visiting www.bcassessment.ca and clicking “CONNECT”.

BC ASSESSMENTS

EXAMPLE PROPERTIES

North Vancouver Island

 

 

 

Assessment: 2013 2014

 

 

District of Port Hardy

Single-family dwelling $197,600 $205,400

Strata condominium $45,000 $45,000

 

 

Village of Port Alice

Single-family dwelling $180,900 $175,300

Strata condominium $58,700 $50,300

 

 

Town of Port McNeill

Single-family dwelling $219,000 $205,000

 

 

Village of Gold River

Single-family dwelling $128,500 $122,900

 

 

Village of Tahsis

Single-family dwelling $86,500 $73,200

 

 

Village of Alert Bay

Single-family dwelling $158,400 $159,400

 

 

Village of Sayward

Single-family dwelling $141,700 $105,300

 

 

Village of Zeballos

Single-family dwelling $85,900 $83,600

 

 

Port Hardy rural

Single-family dwelling $171,500 $164,500

(under two acres)

Single-family dwelling $295,000 $291,000

(over two acres)

 

 

West Coast rural

Single-family dwelling $118,900 $121,100

(under two acres)

Single-family dwelling $339,000 $320,300

(over two acres)