Property values in Nelson have remained relatively stable according to BC Assessment.

Property values in Nelson have remained relatively stable according to BC Assessment.

Kootenay property values stable at ‘healthy’ plateau

BC Assessment distributing notices to 17,000 properties in the Nelson area in the next days.

Property values in the West Kootenay have remained relatively stable going into 2015, according to BC Assessment. In the next few days 17,000 properties will be receiving their notices.

“The key point is the numbers are stable. They’re not being driven up or down,” said deputy assessor Dennis Hickson.

“Nelson and the whole region has been quite stable for the past few years. Back in the the early 2000s and through to the big recession, we saw some huge increases. We’re talking 10, 20 per cent increases. We never saw Nelson and the West Kootenay fall off from those plateaus it reached during those heady markets.”

He said the current numbers are good news.

“We think it’s a good healthy market in absolute terms. Compared to communities across the province, values are very healthy.”

He noted the most expensive property in the market this year was assessed at $1.83 million dollars. Located on the north shore, the property sits just beyond the orange bridge.

NELSON

The City of Nelson’s assessment decreased marginally from $1.98 billion last year to $1.97 billion this year.

“A single family home in Nelson that was assessed at $354,000 in 2014 is valued at $352,000 for the 2015 assessment roll…I would suspect the desirability of the area coupled with low interest rates has been keeping the Nelson market in a healthy state.”

He said Nelson is currently the highest valued municipality in the West Kootenay.

Commercial and industrial properties in Nelson will see more movement in their values, ranging from -10 to +10 per cent.

SURROUNDING AREA

Salmo saw the biggest increase in value.

“Salmo is a little bigger of an increase than the others. Our assessment range is much wider there,” he said.

“When people think of Nelson they think of it as expensive for a small town, and it is expensive. It seems people are venturing out from Nelson and that has an influence on the proximal communities such as Salmo.”

The community’s assessment roll jumped from $112 million last year to $120 million this year.

Hickson said Salmo residents can expect changes in their assessments ranging between -5 per cent to +15 per cent this year.

Slocan will see only minor changes this year.

Their assessment roll has decreased slightly from $41.3 million last year to $40.9 million this year.

Slocan’s property owners can expect changes ranging from -5 per cent to +5 per cent.

Kaslo saw a slight decrease in their assessment roll this year, dropping from $182 million last year to $175 million this year.

A typical single family home dropped from $182,000 to $175,000.

Most owners in the Kaslo area can expect changes ranging from -10 per cent to +10 percent.

NEW SERVICE

BC Assessment has launched a newly enhanced version of it’s free e-valueBC service. It allows the general public to compare properties online from across the province.

“They can either satisfy themselves that they assessment is correct, or if they find something that doesn’t seem quite right they can call us and talk to the appraisers,” said Hickson.

Property owners have until February 2 to submit an assessment appeal.

For more information visit bcassessment.ca.