Property values increase more than 20 per cent in Parksville Qualicum Beach

Top valued home in the Thompson Okanagan located at 4358 Hobson Rd. in Kelowna assessed at $10,029,000

Property values drop in north, rise in the south as 2018 assessments mailed out

Vancouver Island homeowners have received their property assessment for 2018 and they're up - way up.

However, the City of Delta only saw a 2.9 per cent increase in value - the lowest increase, and the second lowest overall change due to the market.

It's a large number, and the sheer volume of data about B.C. property values that comes out every year at this time can be overwhelming.

Across Greater Vancouver there were increases in the five- to 35-per-cent range. There have been some suggestions that the property value boom in Metro Vancouver has created a spillover effect into smaller, more affordable communities - and the new figures show there might be some merit to that.

The property assessments are based on market values of July 1, 2017, and are used to calculate municipal property taxes.

Those homeowners whose homes have increased in value are not necessarily facing a hike in property taxes.

Sales of single-family homes, which "pretty well doubled" in the past four or five years are beyond what most people can afford, said Sidhu, which has driven buyers to the condo market.

Last year, home values rose by an average of 32 per cent, but some single-family houses saw increases of as much as 50 per cent.

The summary above provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the Okanagan region

In the City of Prince George, BC Assessment calculated a 5.42 per cent value increase in residential properties, 2.49 per cent increase in light industrial properties and a 3.59 per cent increase in business and other properties between the 2017 and 2018 assessments.

"The western communities increased, Sidney increased, and those jurisdictions previous year didn't experience the same kind of volume", said Deputy Assessor Gerry Marolla.

Last year, home values rose the most in Saanich and Downtown Victoria and as a result, assessment appeals increased in those communities.

While the jump wasn't quite as high elsewhere, condos and townhouses still saw gains in the range of 10 to 30 per cent. "The values are for July 2017, and since then the market has gone upward price wise, while in the last few months it has tended to flatten out".

Local residents can expect their assessment notices within the coming week. Between one and two per cent of people file an appeal with B.C. Assessment every year (the deadline is January 31), but property tax agent Paul Sullivan said people shouldn't file one without doing careful research ahead of time.

"The dream of having a detached single-family home maybe as your first house will have to change now, either looking to a townhouse or a condo, " said realtor Tony Joe. The Property Assessment Review Panel is independent of BC Assessment. The physical condition is based on how the property was on October 31, 2017.

Classification will continue to be an issue for property taxpayers, with the BC Assessment Authority taking aggressive valuation and taxation policy positions in the application of higher tax classifications for mixed-use developments and agricultural lands.

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