Economy

BC's most valuable residential property is worth $73M

BC's most valuable residential property is worth $73M”

As for the month of December 2018, the number of sales recorded fell by 46.8% from the 2,016 sales experienced in December 2017, and a 33.3% decrease from November 2017 when 1,608 homes were sold.

In Nanaimo home values are up 12 per cent, in the rural area and in Qualicum Beach assessments are up 13 per cent, in Lantzville values are up 16 per cent and in Parksville 11 per cent. "The single family home market saw slight increases or decreases depending on the municipality".

In 2016, the B.C. government introduced a foreign buyers tax in Metro Vancouver, which was expanded in February to other areas, including Victoria, the Fraser Valley and central Okanagan.

The Real Estate Board of Greater Vancouver (REBGV) reported Thursday that home sales in the region totalled 24,619, down 31.6 per cent from 2017.

Commercial and industrial properties saw an increase of between 10 and 20 per cent across most of the province, with some markets around Metro Vancouver increasing by up to 30 per cent.

The average price for detached houses sold in Greater Vancouver dipped to $1,666,593 last month, down 4.8 per cent from December, 2017, the Greater Vancouver board said.

"The question is when will the sellers scream uncle", Mr. Yan said in an interview, noting that prices are still holding steady in some suburbs farthest away from the city of Vancouver.

As the real estate market softens in some areas, Greater Vancouver is now seeing signs of moderation, BC Assessment said in a statement. Townhomes have increased 1.3 per cent since December 2017 but have decreased 5.3 per cent over the last six months.

Home prices vary widely in different areas throughout the region. Like attached homes, the benchmark price of condo has fallen since spring 2018 but is still 0.6 per cent higher than a year ago, at $664,100. He covers local architecture, urban issues, politics, business, retail, economic development, transportation and infrastructure, and the travel industry. "The downside is we are in a risky environment with these high land costs".

Dawson Creek saw increases in all three property value types.

The entire Island roll of 371,000 properties increased in value to $246.9 billion from $222 billion in 2018. A total of $12.65 billion of the region's updated assessments is from new construction, subdivisions, and rezoning of properties.

The benchmark price for a detached home was $1.479 million, down 7.8 per cent in a year.

According to B.C. Assessment, 98 per cent of property owners accept their assessment.

"The majority of residential home owners within the region can expect a modest change compared to last year's assessment", deputy assessor Keith MacLean-Talbot said in a news release.

"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 31st, for an independent review by a Property Assessment Review Panel".

BC Assessment says in other parts of the province, there have been five to 15 per cent increases in some property values.



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