It may have felt like a record-breaking year for real estate sales, but the Real Estate Board of Greater Vancouver (which includes the Sunshine Coast) says it ranked as the third highest selling year, behind 2015 and 2005.
The 2016 year-end stats from the Real Estate Board show 952 detached homes were sold on the Sunshine Coast in 2016, compared to 756 in 2015. Other categories also saw increases – the biggest jump was in the number of vacant lots sold. The Real Estate Board doesn’t track that statistic for our area, but local realtors have published estimates showing an increase in the range of 150 per cent over 2015.
There was a 26 per cent increase in the board’s benchmark price for a detached home in the past year. It’s now $492,900.
Record-breaking or not, that hot real estate market drove a big jump in property assessments on the Sunshine Coast. BC Assessment started mailing out this year’s notices on Jan. 3 (you can also find your assessment online at: evaluebc.bcassessment.ca).
Based on the market value on July 1, 2016, residential property assessments in Sechelt are up 24.6 per cent on average. They’re up 29.9 per cent in Gibsons. Commercial and other properties increased around 14 per cent.
Jason Grant, the regional assessor for the Greater Vancouver region, said with such significant increases more property owners will likely be taking a closer look at their assessments, and he has some advice for people considering an appeal. You can use the e-Value BC site to see recent sales in your neighbourhood and the assessments for neighbouring properties.
“A lot of time that satisfies people, because we’re very transparent about the information we put out. They have a look at that, and maybe they didn’t realize the properties on their block were selling for as much as they were,” he said.
Appeals must be filed by Jan. 31.
The numbers from BC Assessment also show a 2016 construction boom added $101 million to the total value of Sunshine Coast properties through new construction, subdivisions and rezoning.
The so-called “non market change” breaks down as: $14.7 million in Gibsons, $22.7 million in Sechelt and $64.1 million in the Sunshine Coast Regional District rural areas.
Overall, assessments have increased from $9.36 billion in 2016 to $11.33 billion this year.
Grant also notes that people should keep in mind that big assessment increases don’t necessarily trigger big increases in a property tax bill.
