5025 Hinrich View in Nanaimo in the Rocky Point neighbourhood is the highest valued home in the harbour city at $4,038,000 (Spencer Sterritt/NanaimoNewsNOW)

By Ian Holmes

property values

Supply and demand sends Nanaimo area property valuations up

Jan 4, 2021 | 12:47 PM

NANAIMO — BC Assessment Authority property valuations increased in the Nanaimo area and across the province despite the global pandemic ravaging the economy.

2021 assessments used to gauge annual property taxation rates are now available online, which pegged the value of a typical single-family home in Nanaimo at $527,000, a five per cent increase from last year.

Strata homes in Nanaimo increased in value by an average of three per cent to $324,000.

Vancouver Island deputy assessor Maurice Primeau stated home values across Vancouver Island appreciated this year due to strong demand combined with limited inventory.

“For most communities, the assessed values of single family homes are up moderately about five to ten per cent, while residential stratas are generally showing less of an increase,” Primeau told NanaimoNewsNOW.

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He said residential assessments in Nanaimo followed a province-wide theme of many valuations rising between zero and 10 per cent.

“It could be popularity, it could be affordability as well and a desirable place to live,” Primeau said, who referenced increased residential sale volumes in the past year on Vancouver Island.

The new assessments represent a third year of moderate growth for residential real estate values Nanaimo after values surged by more than 50 per cent between 2015 and 2018.

While many residential properties realized valuation gains, many commercial addresses in Nanaimo shrunk in value.

A typical commercial property in Nanaimo decreased in value by four per cent, according to Primeau, while industrial properties in the harbour city jumped an average of 5.2 per cent.

The City of Nanaimo’s finance department stated assessments higher than the average in its property class will lead to a higher tax bill compared to valuations which increased less than the average.

The same methodology applies to reduced property values.

BC Assessment’s valuations of all forms of of properties in the province reflect market value as of July 1, 2020.

People unhappy about their assessment have until Feb 1, 2021 to file an appeal.

10 highest valued residential properties in Nanaimo:

1. 5025 Hinrich View: $4,038,000
2. 3372 Stephenson Pt Rd: $3,869,000
3. 5512 Hiquebran Rd: $3,739,000
4. 3384 Stephenson Pt Rd: $3,188,000
5. 3432 Stephenson Pt Rd: $2,486,000
6. 3330 Stephenson Pt Rd: $2,430,000
7. 3269 Ross Rd: $2,369,000
8. 5508 Hiquebran Rd: $2,365,000
9. 5031 Hinrich View: $2,254,000
10. 3342 Stephenson Point Rd: $2,203,000

10 highest valued non-residential properties in Nanaimo

1. Woodgrove Centre, 6631 Island Hwy N: $208,438,000
2. Nanaimo North Town Centre, 4750 Rutherford Rd: $89,270,000
3. Country Club Centre, 3200 Island Hwy N: $66,155,000
4. Port Place Shopping Centre, 650 Terminal Ave: $42,918,000
5. Real Canadian Superstore, 6435 Metral Dr: $31,574,000
6. Dickinson Crossing, 6900 Island Hwy N: $31,522,000
7. Longwood Station, 5801 Turner Rd: $31,315,000
8. Brooks Landing, 2000 Island Hwy N: $30,647,000
9. BC Hydro Field Operations Facility, 400 Madsen Rd: $26,448,000
10. Costco Wholesale, 6700 Island Hwy N: $25,391,000

ian@nanaimonewsnow.com

On Twitter: @reporterholmes