The average price of a single-family home in Rossland has increased 33% over the past year, according to an annual report released by BC Assessment.
At $ 504,000, the average price of a home in the Golden City in 2021 was the highest among The Great Trail municipalities, more than $ 120,000 more than the previous year’s average of $ 380,000.
“Your property assessment should reflect what you could have sold your property for last summer, if you wanted to, within a reasonable range,” 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.
Estimates are based on how much a home would likely have sold on July 1, 2021, given market conditions at the time.
In Trail, the average home price is one of the lowest in the Kootenays at $ 303,000, but it’s still up 32% from a 2020 value of $ 230,000.
A Warfield house costs an average of $ 371,000 in 2022, up from $ 277,000 in 2021, while Montrose has gone from $ 316,000 to $ 410,000 and Fruitvale from $ 301,000 to $ 383,000.
The percentage increases in values in 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).
The highest average price for a home in the West Kootenay is in Nelson at $ 646,000, up 28% from $ 504,000 more than a year ago.
Hill believes the increases can be attributed to a number of factors.
“Looking at the real estate market across the province,” she says, “we saw record housing supply, low interest rates and continued strong 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.
“We don’t use BC Assessment to assess homes,” 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.
“And that’s going to cloud conversations about true value and what prices to sell over the next year or so,” Bennett said. “Because 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.
“The 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,” 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.
The British Columbia Assessment website (bcassessment.ca) has a search tool in which the assessed value of any property in British Columbia can be found by entering the street address.
With files from Bill Metcalf, Nelson Star