A luxury home in Victoria.

West Kootenay property assessments show stable market

Most residential properties rose 10-18 per cent in value

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.

Here are the average increases for single-family homes in the West Kootenay communities:

City of Castlegar: $285,000 to $316,000 (+11%)

City of Grand Forks: $229,000 to $259,000 (+13%)

City of Greenwood: $136,000 to $148,000 (+9%)

City of Nelson: $391,000 to $462,000 (+18%)

City of Rossland: $286,000 to $338,000 (+18%)

City of Trail: $175,000 to $201,000 (+15%)

Village of Fruitvale: $253,000 to $283,000 (+12%)

Village of Kaslo: $229,000 to $260,000 (+14%)

Village of Midway: $197,000 to $228,000 (+16%)

Village of Montrose: $234,000 to $270,000 (+15%)

Village of Nakusp: $221,000 to $249,000 (+13%)

Village of New Denver: $181,000 to $214,000 (+18%)

Village of Salmo: $189,000 to $199,000 (+5%)

Village of Silverton: $219,000 to $252,000 (+15%)

Village of Slocan: $168,000 to $174,000 (+4%)

Village of Warfield: $196,000 to $221,000 (13%)

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.”

Most expensive homes

The BC Assessment website also lists some of the most expensive homes in the region.

You’ll find most of the high-end properties in the East Kootenays, around resort towns like Invermere, Fernie and Revelstoke. But Nelson has a property or two in the Top 100 list.

The most expensive property is one near Kokanee Creek, at $2.823 million dollars. Another near Procter is assessed at $1.963 million. A Grand Forks property on Christina Lake was assessed at $2.608 million, while a second property near Grand Forks rounds out the Top 100 at the bottom spot, at $1.957 million.

Not making the Top 100 are the most expensive properties in Trail ($864,000), Castlegar ($749,000) and Rossland ($1,038,000).

Overall, the Kootenay-Columbia region’s total assessments increased from about $40.8 billion in 2018 to more than $43.6 billion this year.

A total of about $453 million worth of the region’s updated assessments is from new construction, subdivisions and rezoning. BC Assessment’s Kootenay-Columbia region covers the southeast portion of the province from Fernie to Grand Forks and from Revelstoke to Cranbrook.

All B.C. property owners will receive their annual property assessment notices in early January.

In December, BC Assessment provided notification letters to property owners whose assessments are increasing significantly more than the average.

 

Properties across the area went up in assessed value, according to the BC governments’ assessment agency. (Submitted photo)

Just Posted

TELUS to install fibre in Nelson

New cable will be in place this year

Nelson wins first round of Strong Towns competition

Voting ends at 10 a.m. on Thursday, March 28

Vancouver choir with Nelson roots ‘will fill your heart’

Group directed by three Corazón alumni performs this week in Nelson

Nelson author launches Grocery Story April 7

New book about consumer-owned grocery stores pulls back the curtain on the grocery giants

Cottonwood Lake group applauds RDCK purchase but wants to buy more

Purchased forest covers 33 per cent of land to be logged

VIDEO: The ‘most cosmopolitan’ of butterflies could migrate to B.C.

The painted lady butterfly will likely arrive this summer from Southern California

Is it a homicide? B.C. woman dies in hospital, seven months after being shot

Stepfather think Chilliwack case should now be a homicide, but IHIT has not confirmed anything

Indecent caller handed 18-month conditional sentence

Vancouver Island man pleaded guilty to making indecent phone and video calls to women across B.C.

Sources say Trudeau rejected Wilson-Raybould’s conservative pick for high court

Wilson-Raybould said Monday “there was no conflict between the PM and myself”

First Nations public art piece stolen in Nanaimo

Spindle Whorl went missing over the weekend, according to Nanaimo RCMP

Father-son duo at B.C. Children’s Hospital helps new dads fight depression

The pair teamed up to introduce the only known research-based mindfulness workshop for new dads

Mexican restaurant in B.C. told to take down Mexican flag

General manager of Primo’s Mexican Grill in White Rock: ‘I’ve never heard of anything like this’

B.C. NDP moves to provide tax credits, tax cut for LNG Canada

Provincial sales tax break of $596 million repayable after construction

COLUMN: Smart phone too powerful a tool to yank from students’ hands

Rather than ban them from schools, let’s teach kids to harness their phone’s power and use it properly

Most Read