Castlegar housing valuations increase by 21% – Castlegar News
The price of single-family homes in Castlegar has increased an average of 21 percent to a typical value of $ 422,000, according to the BC Assessment annual report.
In the West Kootenay-Boundary region, the increase in assessed value of residences from the previous year is between 15 and 30%. Across the province, the average increase is 22 percent.
Estimates are based on how much a home would likely have sold on July 1, 2021, given market conditions at the time.
âYour property assessment should reflect what you could have sold your property for last summer, if you wanted to, within a reasonable range,â says Sharlynn Hill, assistant appraiser for Kootenay Columbia.
Hill added that the assessed value is not an indication of what she might sell today, or how much your municipal taxes are.
BC Assessment is a provincial Crown corporation that classifies and assesses all real estate in British Columbia.
The percentage increases in values ââin the West Kootenay Boundary region, from highest to lowest, are: Greenwood (53), Slocan (51), Warfield (34), Grand Forks (33), Rossland (33) , Trail (32), Kaslo (31), Montrose (30), Midway (29), Nelson (28), Creston (27), Fruitvale (27), Nakusp (25), New Denver (23), Castlegar (21 ), Salmo (19) and Silverton (15).
Nelson has the highest average single-family homes in the West Kootenay at $ 646,000.
While Greenwood and Slocan had the two highest increases in the region, they actually had two of the lowest average home prices at $ 228,000 and $ 295,000.
Hill believes the increases can be attributed to a number of factors.
âLooking at the real estate market across the province,â she says, âwe saw record housing supply, low interest rates, and strong, continuing demand. “
And population mobility has increased, she says, often to smaller communities in rural areas that are considered desirable.
Chuck Bennett, former president of the Kootenay Realtor’s Association, said realtors knew BC Assessment would report a 20-30% increase as of July 1, 2021, because that’s what last year’s sales data told them. have said.
But he says the estimated value is of limited use to real estate agents.
âWe don’t use BC Assessment to assess homes,â he says. “We are looking at recent comparison sales, similar homes in similar areas, interest rates, lender stress tests.”
But now that the new valuation figures are in, he says, buyers and sellers will ask realtors about the estimated value.
âAnd that’s going to cloud conversations about true value and what prices to sell over the next year or so,â Bennett said. âBecause nobody really knows. “
Hill said a common misconception is that an increase in the assessed value will result in a commensurate increase in property taxes.
âThe most important factor is not how much your assessed value has changed, but how your assessed value has changed relative to the average change for your property class in your municipality,â she says.
If your property’s change in value is less than the municipality’s average for your property class, your taxes will likely go down. If it’s about the same, your taxes will likely stay about the same. If it’s above average, your taxes may go up.
Nelson’s chief financial officer Colin McClure said the city is deciding what formula it should apply to the assessed value in order to get the full amount of taxes collected last year. Then, to come up with a tax increase, the city adds any inflationary or other increases it wants over the coming year.
Municipal taxes represent only about half of the tax bills for residents of Castlegar. The tax notice total includes Central Kootenay Regional District tax deductions as well as school and hospital taxes, over which the city has no control.
The BC Assessment website lists the addresses and values ââof the most popular residences in Kootenay-Columbia. In the top 20 properties, all but two are in East Kootenay.
Fifth on the list is a rural property near Grand Forks valued at $ 5,657,000. The Blaylock Mansion property in Four Mile near Nelson is 18th, valued at $ 4,338,000.
Of the top 100 properties, only 16 are in the West Kootenay-Boundary area and the rest are in East Kootenay.
The British Columbia Assessment website (bcassessment.ca) has a search tool where the assessed value of any property in British Columbia can be found by entering the street address.