Property assessments rose slightly in Nanaimo, following several years of massive increases. (NanaimoNewsNOW stock photo)

By Ian Holmes

property values

Property assessments cool off in Nanaimo and across B.C.

Jan 2, 2020 | 7:34 AM

NANAIMO — Many property assessments mailed out to homeowners across the province aren’t accompanied by the sticker shock valuations of past years.

Newly released BC Assessment data showed the average single-family home in Nanaimo crept up in value by a modest three per cent, from $490,00 to $504,000.

Gerry Marolla, deputy assessor for the Vancouver Island region for BC Assessment, said the assessments “speak to the function of affordability” and real estate values are stabilizing.

“We’re seeing less of an active market. We’re still seeing price increases in certain segments of the market, but not as dramatic of increases.”

This moderation comes after the average single-family Nanaimo home experienced a whopping surge of more than 50 per cent in value between 2015 and 2018

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The average multi-family home in Nanaimo in 2019 gently bumped up in value by two per cent to $314,000, following several years of sharp increases.

Assessed property values in the mid island region dropped as low as minus three per cent in Qualicum Beach to an increase as high as six per cent in rural areas around Nanaimo.

Provincially, residential property values dropped by an average of 2.5 per cent.

10 highest valued residential properties in Nanaimo:

1. 3372 Stephenson Point Rd: $3.98 million
2. 5025 Hinrich View: $3.7 million
3. 5512 Hiquebran Rd: $3.4 million
4. 6033 Nelson Rd: $3.1 million
5. 3384 Stephenson Point Rd: $3 million
6. 6052 Clarence Way: $2.9 million
7. 361 Camosun Dr: $2.5 million
8. 4200 Jingle Pot Rd: $2.48 million
9. 2301 Extension Rd: $2.3 million
10. 3432 Stephenson Point Rd: $2.3 million

10 highest valued non-residential properties in Nanaimo

1. Woodgrove Centre, 6631 Island Hwy: $259 million
2. Vancouver Island University, 900 Fifth St: $152 million
3. Nanaimo North Town Centre, 4750 Rutherford Rd: $110 million
4. Harmac Pacific, 1000 Wave Pl: $91 million
5. Country Club Centre, 3200 Island Hwy: $77 million
6. Nanaimo Regional General Hospital: $72 million
7. Port Place Shopping Centre, 650 Terminal Ave: $45 million
8. Vancouver Island Conference Centre, 101 Gordon St: $44.9 million
9. Dickinson Crossing, 6900 Island Hwy: $37 million
10. Longwood Station, 5801 Turner Rd: $35 million

Property tax rates are directly linked to BC Assessment valuations, which are effective to July 1 annually.

The City of Nanaimo’s finance department informed NanaimoNewsNOW if a home’s assessed value increased by more than the city’s average for single and multi-family homes, property taxes would likely increase beyond the 5.2 per cent jump City Council is proposing.

Conversely, a property assessed below the market average rate would likely result in a lower municipal property tax increase in Nanaimo.

Marolla said people confused or unhappy with their assessments have until January 31, 2020 to lodge a complaint.

He said about one percent of property owners in the province object their assessments, which are heard and ruled on by local third party panels.

More information on property valuations throughout the province as well as the appeal process can be viewed here.

ian@nanaimonewsnow.com
On Twitter: @reporterholmes