Assessed values for residential properties on the Sunshine Coast saw modest increases in 2020 compared with 2019, in line with the overall trend on the Lower Mainland.
A typical single-family home in the District of Sechelt has been assessed at $600,000 as of July 1, 2020, up six per cent from 2019. In the Town of Gibsons, assessments increased by two per cent to $671,000.
For the most part, gains were highest in rural areas of the Sunshine Coast.
Roberts Creek saw assessed property values increase by 7.7 per cent from 2019 (nine per cent for waterfront properties), while Halfmoon Bay saw a seven per cent increase (8.2 per cent on the waterfront). Rural properties outside Gibsons and in the Port Mellon area generally rose 10 per cent, with waterfront properties in Langdale and Port Mellon increasing 9.5 per cent. Gambier Island residential property values increased 14.9 per cent and 13.2 per cent along the waterfront. At 4.3 per cent, Pender Harbour saw the most modest increase (8.2 per cent on the waterfront).
The typical single-family home in the Sunshine Coast Regional District has been assessed at $593,000 – an 8.6 per cent increase above the 2020 typical assessed value of $546,000.
These increases reflect an overall trend for Lower Mainland residential properties, according to BC Assessment Deputy Assessor Bryan Murao.
“For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery,” said Murao in a Jan. 4 release announcing 2021 assessment notices have been sent to property owners.
Both Murao and the Real Estate Board of Greater Vancouver’s chair Colette Gerber described the Metro Vancouver and Lower Mainland housing market as resilient.
“After adapting to the COVID-19 environment, local home buyer demand and seller supply returned at a steady pace throughout the summer, fall and winter seasons,” said Gerber. “Shifting housing needs and low interest rates were key drivers of this activity in 2020. Looking ahead, the supply of homes for sale will be a critical factor in determining home price trends in 2021.”
Overall, there were more single-family residential home sales in the District of Sechelt and Gibsons in 2020 than 2019, with the third quarter seeing the highest increases.
In Sechelt, 167 homes were sold in 2019, compared with 198 in the first three quarters of 2020, according to BC Assessment data. Gibsons saw 67 houses sold in 2019. In the first three quarters of 2020, 62 houses were sold.
Sales also increased in rural areas, with 214 homes sold in 2019 and 215 sold in the first three quarters of 2020.
One category that saw decreased or stagnant assessed values was commercial.
Assessed values for business properties, including retail, office buildings and warehouses, dropped by 2.3 per cent in the District of Sechelt and light industry saw a very minor decrease of 0.2 per cent. For the Town of Gibsons, business property values increased by one per cent, while values for light industry didn’t change.
BC Assessment said the COVID-19 pandemic has resulted in “moderate fluctuations varying in value” for commercial properties. Whether they increased or decreased depended on the sector.
Property owners who wish to correct their notice or believe their assessment doesn’t reflect market value as of July 1, 2020 should contact BC Assessment in January. If after speaking with an appraiser they remain concerned, they can submit a Notice of Complaint (Appeal) by Feb. 1.
More information can be found at: https://www.bcassessment.ca/
