Property values drop again in Whistler

Homeowners can expect up to 15 per cent drop on 2012 assessments

Homeowners in the Whistler and Pemberton areas can expect to see their 2012 property value assessment notices in the mail in the next few days - with most values dropping from last year's levels.

It's the second year in a row that the overall Whistler assessment roll dropped -losing a full $1 billion, or 10 per cent, since 2010.

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"Most homes in the Resort Municipality of Whistler and in Village of Pemberton are declining in value compared to last year's assessment roll," Jason Grant, area assessor, said in a release. "Many home owners in both communities will see decreases in the zero to -15 per cent range."

That's compared to an increase of 6.42 per cent in total real estate value across B.C., according to B.C. Assessment.

Market value trends are affected by many variables, but some examples provided by B.C. Assessment show value decreases of up to $100,000 for single-family homes in Creekside and Whistler Cay, while a single family home in Alpine dropped by $46,000.

A sample three-bedroom townhouse in the Blackcomb Benchlands saw the biggest reduction amongst examples provided -from $1,940,000 on the 2011 assessment roll to $1,794,000 for this year.

Overall, the assessment roll for Whistler decreased from $10.7 billion last year to $10 billion in 2012. This year's figure includes $69 million in new construction, subdivisions and rezoning.

This is the second year in a row that the total Whistler roll has dropped. In 2010, Whistler's overall total was $11.02 billion.

Last year, Whistler property owners were told to expect an average drop in values of -2 to -5 per cent. However, some local property owners saw double-digit increases last year, leading to a jump in appeals.

Meanwhile, in Pemberton, decreases in property values appear to be more modest, with examples showing a single family house dropping $51,000 from $550,000 in assessed value in 2011 to $499,000 this year. A sample three-bedroom townhouse dropped $21,000 in assessed value.

B.C. Assessment's property values for the 2012 roll are estimated as of July 1, 2011. The values take into account current real estate sales 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, 2011 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January," Grant said.

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