If you own property in the West Kootenay, chances are its value has gone up in the last year.
BC Assessment has released its valuation of homes across the province based on what was happening in the real estate market as of July 1 last year.
“The majority of residential home owners within the region can expect an increase compared to last year’s assessment,” said deputy assessor Ramaish Shah on Tuesday. “The demand for housing in our resort communities has been even stronger and that is reflected in this year’s assessments.”
Most property values in the Nelson, Castlegar, Trail, and Rossland areas have gone up between 10 and 18 per cent.
“The values we’re seeing represent a stable market,” said Shah. “Even value increases of 10 to 15 per cent are really a stable change in property values, and that’s the theme of our [Kootenay-Columbia] region — fairly stable values. Not dramatic swings one way or another.”
Three communities in the West Kootenay— Nelson, Rossland, and New Denver — saw the highest average increases in single-family residential property, at 18 per cent. Trail single-family properties increased an average of 15 per cent. Grand Forks, Warfield and Nakusp posted 13 per cent gains.
Single-family residential homes in Castlegar continue to reflect a lower increase at 11 per cent. The village of Slocan saw the lowest increase at four per cent.
While the numbers reflect single-homes, the assessors also found values rising for strata residential properties (0-10 per cent), commercial properties and light industrial (5-20 per cent).
In Nelson, townhomes rose in assessed value by 22 per cent. But Shah said the listed increase — from $318,000 to $388,000 — reflects a small market.
“The story in Nelson is there’s not very many properties listed for sale this year and there hasn’t been for the last two or three years. It’s been a very small pool of houses for sale. But now there’s some building and purchasing townhomes.”