News

Comox Valley property assessments stable again

Property values in the Comox Valley have remained virtually unchanged over the past two years, according to the latest assessment roll.

“Most homes in the Comox Valley were stable in value compared to last year’s assessment roll,” said Vancouver Island regional assessor Bill MacGougan. “Most home owners will see modest changes in the 10-per-cent to five-per-cent range.”

The assessed value of single-family houses in Courtenay increased from $318,500 as of July 1, 2011 to $319,000 by July 1, 2012. However, strata condominium values dropped from $123,600 to $122,300.

In Comox, single-family dwellings dropped from $336,800 to $330,000 and condos decreased from $251,200 to $246,700.

The assessed value of Cumberland homes dropped from $255,800 to $252,000 during the same timeframe.

The value of rural houses on less than two acres dropped from $352,600 to $351,300, but single-family homes on more than two acres increased in value from $470,700 in 2011 to $473,000 in 2012.

Etienne Pinel, Canada Mortgage and Housing Corporation's senior market analyst for Vancouver Island, notes overall home prices have slightly declined in the Valley — more so for multiple, not single family — according to recent information from the real estate board.

Home starts from January to November were up 10 per cent compared to last year, he added.

"In this case, what brought the numbers up were numbers of multi-family homes being started," Pinel said. "For the single detached homes, the starts were down by 10 per cent compared to January to November 2011."

More than 32,000 property owners in the Valley can expect to receive their 2013 assessment notices in the next few days.

Overall, the Valley’s taxable residential assessment roll is $9,725,922,822 this year. A total of almost $139 million in new residential value has been added due to various changes including subdivision, rezoning and new construction.

Commercial property assessments in the Valley have changed within the minus-five to five-per-cent range. The taxable commercial assessment roll is $929,489,951 this year.

More than $28,000,000 in new commercial value has been added.

The Courtenay assessment office is at 2488 Idiens Way. Office hours are 8:30 a.m. to 5:00 p.m. Monday to Friday in January.

Property owners can contact BC Assessment at 1-866-825-8322 or via www.bcassessment.ca.

reporter@comoxvalleyrecord.com

We encourage an open exchange of ideas on this story's topic, but we ask you to follow our guidelines for respecting community standards. Personal attacks, inappropriate language, and off-topic comments may be removed, and comment privileges revoked, per our Terms of Use. Please see our FAQ if you have questions or concerns about using Facebook to comment.