5025 Hinrich View in Nanaimo's Rocky Point neighbourhood is the highest valued residential property within Nanaimo city limits, according to BC Assessment. (File Photo/NanaimoNewsNOW)

By Ian Holmes

market correction

Property valuations cool following upward trend, modest drops reported in Nanaimo area

Jan 3, 2024 | 5:35 AM

NANAIMO — Following substantial rises on the heels of the COIVD-19 pandemic, residential property valuations are stabilizing in the Nanaimo area, across Vancouver Island and province-wide.

Newly released BC Assessment data showed valuations are generally flat, according to regional deputy assessor Maurice Primeau.

“What we’ve seen this year on Vancouver Island for homeowners is generally in the range of minus five to plus five per cent change in assessed values. Some of the north Island communities, however, will see a larger increase,” Primeau told NanaimoNewsNOW.

A typical single-family home in Nanaimo saw a three per cent drop in its property valuation to $759,000, while residential strata properties in Nanaimo fell by five per cent to an average of $447,000 compared to the year prior.

Single-family property valuations in Parksville and Qualicum Beach fell an average of one and three per cent respectively to $743,000 and $898,000.

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Primeau noted a severe lack of inventory in some smaller north Island markets saw valuations surge in communities such as Port Alice, Port McNeill and Alert Bay.

Noting the most recent valuations are reflective of their value as of July 1, 2023, Primeau said a number of factors can see a particular property’s value shift significantly.

“An outlier could be a significant change to the property, it could be a renovation, demolition, it could be a change in land size, or legal use, or property class,” he said.

Two years ago BC Assessment reported single-family home valuations on the mid-Island shot up between 34 and 37 per cent.

The assessments are used by the province to provide homeowner grants, giving some relief on property tax bills ranging from $570 to $1,045 on homes that are valued at under $2.15 million.

Overall, Vancouver Island’s total assessments increased from about $385 billion in 2023 to over $386 billion this year.

About $4.86 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties, BC Assessment noted.

January 31 is the deadline to appeal property valuations, which the crown corporation states are in the mail and are also available online.

Property valuations are used to calculate local property tax bills. (BC Assessment)

10 highest valued residential properties in Nanaimo:
1. 5025 Hinrich View: $4,883,000
2. 3372 Stephenson Pt Rd: $4,821,000
3. 4470 Burma Rd: $4,706,000
4. 5512 Hiquebran Rd: $4,673,000
5. 3384 Stephenson Pt Rd: $4,121,000
6. 6052 Clarence Way: $3,945,000
7. 4200 Jingle Pot Rd: $3,853,000
8. 5508 Hiquebran Rd: $3,751,000
9. 361 Camosun Dr: $3,532,000
10. 3269 Ross Rd: $3,313,000

10 highest valued non-residential properties in Nanaimo
1. Woodgrove Centre, 6631 Island Hwy N: $218,606,000
2. Harmac Pacific, 1000 Wave Pl: $124,935,300
3. Nanaimo North Town Centre, 4750 Rutherford Rd: $88,354,000
4. Country Club Centre, 3200 Island Hwy N: $75,399,000
5. DLX on Third development, 300 Howard Ave: $54,836,00
6. Port Place Shopping Centre, 650 Terminal Ave: $45,354,000
7. Thrifty Foods (Longwood Station), 5801 Turner Rd: $37,677,000
8. Dickinson Crossing, 6900 Island Hwy N: $33,676,000
9. Brooks Landing, 2000 Island Hwy N: $33,242,000 10. Real Canadian Superstore, 6435 Metral Dr: $33,188,000

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ian.holmes@pattisonmedia.com

On Twitter: @reporterholmes