For the third year in a row, the overall property value of Whistler properties has dropped, with over $1 billion in value lost since 2010.
The province’s BC Assessment released its figured Wednesday (Jan. 2) and despite positive trends for most of the province, both Whistler and Pemberton have seen a drop in value of various property types.
“The majority of residential homeowners will experience an assessment change of less than 5% compared to last year’s assessment roll,” said assessor Jason Grant in a press release. “For the first time in many years, a significant number of properties in the (Vancouver Sea to Sky) region are actually decreasing in value. The most significant decreases occurred in Whistler, Pemberton and on the Sunshine Coast and Bowen Island.”
The total assessment roll for Whistler decreased from $10.1 billion last year to $9.6 billion in 2013.
Values of properties in Alpine Meadows saw a significant decline over last year. The average price of single family dwelling in that neighbourhood was $2,252,000 in 2012, with the assessed value in 2013 falling $107,000.
A two-bedroom apartment in the Village dropped from $491,000 to $429,000, a 12.6-per-cent decrease, the largest of any property type in Whistler.
More modest drops in value were seen for single-family units in Whistler Cay. The average price for such a property this year was $2,038,000, a 3.5-per-cent decline from last year.
In Pemberton, both single-family dwellings and three-bedroom townhouses dropped close to eight per cent in value.
Market trends in Whistler and Pemberton go against the rise in overall values for the more than 316,000 properties assessed in the Vancouver Sea to Sky region, with this year’s assessment roll increasing from $356.9 billion in 2012 to $367.8 billion this year. A total of almost $4.8 billion of this growth includes subdivision, rezoning and new construction, known as non-market change. Whistler’s non-market change for the year totalled $110,342,599.
BC Assessment’s property values for the 2013 roll are estimated as of July 1, 2012. The assessment take into account current real estate trends in the area, plus other property characteristics such as size, age, quality, condition, view and location.
“Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January,” said Grant in the release.
Property owners who are still concerned about their assessment after dealing with an appraiser can submit an appeal by Jan. 31 for a second review conducted by a property assessment review panel independent from BC Assessment.
Visit www.bcassessment.ca for more information.