B.C. Assessment has released property assessments for 2020 and most homeowners and businesses owners in Nanaimo will see their properties valued higher compared to 2019.
In Nanaimo the average single family home is rose about five per cent to $527,000 in 2020 from $504,000 in 2019.
Strata homes rose a smaller percentage to $324,000 from $314,000 or a roughly a three-per cent rise in assessments.
But the picture was different for property owners in rural areas south of Nanaimo that includes Cedar, Cassidy and South Wellington, which saw a higher percentage increase compared to their urban counterparts. Values for single family home property assessments in Nanaimo’s rural areas climbed 5.9 per cent and strata property values jumped 16.6 per cent.
“The change in value difference between rural and urban is just indicative of basic supply and demand,” said Maurice Primeau, deputy assessor for B.C. Assessment, Vancouver Island region. “Overall, when we analyze the sales on an annual basis as of July 1, 2020, we looked at what’s happened in certain pockets, whether it be Nanaimo rural or the City of Nanaimo or Parksville, the Regional District of Nanaimo, etc., and look at those sales and those groupings, yes, if sales indicate that there’s greater demand, based in the overall sale prices, then we reflect that in that in the assessed value and the overall market movement.”
Primeau said he couldn’t speculate on the discrepancy in rural versus urban assessment rises. In some areas of the province the situation is reversed.
B.C. Assessments valuations are weighted by the values of transactions among neighbouring properties in an area on and around B.C. Assessments’ July 1 valuation date. Depending on the market activity, if neighbouring properties sell high compared to the prior year, those sale prices push valuations in an area upward and if they sell low, those valuations drop. As of July 1, 2020, properties were fetching higher prices than they were for July 1, 2019.
Commercial properties didn’t fare as well, though. Commercial property values dropped about 4 per cent, though light industrial properties rose 5.2 per cent.
Property owners who believe their properties have been improperly assessed can appeal assessments until Feb. 1. To learn more about how property values are assessed, check current individual property assessments or appeal an assessment, visit www.bcassessment.ca/.
Nanaimo’s top 10 highest-assessed residential properties:
– 5025 Hinrich View $4,038,000
– 3372 Stephenson Point Rd. $3,869,000
– 5512 Hiquebran Rd. $3,739,000
– 3384 Stephenson Point Rd. $3,188,000
– 3432 Stephenson Point Rd. $2,486,000
– 3330 Stephenson Point Rd. $2,430,000
– 3269 Ross Rd. $2,369,000
– 5508 Hiquebran Rd. $2,365,000
– 5031 Hinrich View $2,254,000
– 3342 Stephenson Point Rd. $2,203,000
Nanaimo’s top 10 highest-assessed commercial properties:
– 6631 Island Highway North – Woodgrove Centre $208,438,000
– 4750 Rutherford Rd. – Nanaimo North Town Centre $89,270,000
– 3200 Island Highway North – Country Club Centre $66,155,000
– 650 Terminal Ave. – Port Place Shopping Centre $42,918,000
– 6435 Metral Dr. – Real Canadian Superstore $31,574,000
– 6900 Island Highway North – Dickinson Crossing $31,522,000
– 5801 Turner Rd. – Longwood Station $31,315,000
– 2000 Island Highway North – Brooks Landing $30,647,000
– 400 Madsen Rd. – B.C. Hydro $26,448,000
– 6700 Island Highway North – Costco Wholesale $25,391,000