Home »
Property assessments up region-wide, mostly
In the next few days, owners of more than 143,000 properties throughout the Kootenay Columbia region can expect to receive their 2018 property assessment notices, which reflect market value as of July 1, 2017.
See the top 100 valued properties in the Kootenay Columbia below.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” said BC Assessment Deputy Assessor Ramaish Shah. “Some markets have moved more than others. Revelstoke, for instance, has seen strong demand for housing over the past year. Some areas have seen a decrease in demand as well, and this is reflected in the current assessed values.”
The District of Elkford is the only community in the East Kootenay where the assessment did not climb. It did not decrease, either, staying the same as 2016.
As B.C.’s provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
The table below indicates the Kootenay Columbia region‘s estimated typical percentage changes to 2018 assessment values by property type compared to 2017 (note that property assessments may vary by individual jurisdiction/municipality within the region).
|
Property Type |
Kootenay Columbia Region
2018 Assessments Range of % Changes in Value (as of July 1, 2017) |
| Residential Single Detached Homes | -5% to 20% |
| Residential Strata Units (e.g. condominiums) | -5% to 20% |
| Commercial | -5% to 15% |
| Light Industrial | -5% to 15% |
Overall, the Kootenay Columbia region’s total assessments increased from $38.6 billion in 2017 to $40.87 billion this year. A total of almost $460 million of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
BC Assessment’s Kootenay Columbia region covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook.
The summary below provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area:
|
Community |
2017 Assessment
(valuation date of July 1, 2016) |
2018 Assessment
(valuation date of July 1, 2017) |
Percentage Change in
Value (2018 vs. 2017) |
| City of Castlegar | $280,000 | $295,000 | +5.4% |
| City of Cranbrook | $288,000 | $298,000 | +3.5% |
| City of Fernie | $471,000 | $506,000 | +7.4% |
| City of Grand Forks | $213,000 | $234,000 | +9.9% |
| City of Greenwood | $130,000 | $141,000 | +8.5% |
| City of Kimberley | $251,000 | $266,000 | +6.0% |
| City of Nelson | $378,000 | $413,000 | +9.3% |
| City of Revelstoke | $360,000 | $436,000 | +21.1% |
| City of Rossland | $271,000 | $303,000 | +11.8% |
| City of Trail | $179,000 | $195,000 | +8.9% |
| District of Elkford | $281,000 | $281,000 | 0.0% |
| District of Invermere | $455,000 | $456,000 | +0.2% |
| District of Sparwood | $296,000 | $309,000 | +4.4% |
| Town of Creston | $232,000 | $250,000 | +7.8% |
| Town of Golden | $302,000 | $335,000 | +10.9% |
| Village of Canal Flats | $207,000 | $208,000 | +0.5% |
| Village of Fruitvale | $221,000 | $259,000 | +17.2% |
| Village of Kaslo | $230,000 | $241,000 | +4.8% |
| Village of Midway | $183,000 | $209,000 | +14.2% |
| Village of Montrose | $242,000 | $245,000 | +1.2% |
| Village of Nakusp | $213,000 | $227,000 | +6.6% |
| Village of New Denver | $195,000 | $196,000 | +0.5% |
| Village of Radium Hot Springs | $311,000 | $337,000 | +8.4% |
| Village of Salmo | $185,000 | $197,000 | +6.5% |
| Village of Silverton | $250,000 | $251,000 | +0.4% |
| Village of Slocan | $166,000 | $167,000 | +0.6% |
| Village of Warfield | $209,000 | $218,000 | +4.3% |
BC Assessment’s website at bcassessment.ca includes more details about 2018 assessments, property information and trends such as lists of 2018’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2018 property assessments for anywhere in the province.
“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” Shah said.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31, for an independent review by a Property Assessment Review Panel,” added Shah.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
The Kootenay Columbia BC Assessment office for the East Kootenay is located at:
Cranbrook Office
200 – 117 Cranbrook St. N
Cranbrook V1C 3P8
During the month of January, office hours are 8:30 a.m. to 5 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca
The top 100 valued properties in the Kootenay Columbia
Top 100 submitted by BC Assessment
e-KNOW
