By Dominic Abassi

Nanaimo home values climbing, as other markets moderate

Jan 3, 2019 | 3:47 PM

NANAIMO — Despite headlines touting a softening real estate market and price corrections, most homeowners in the Nanaimo region were once again left stunned this week at the sharp increase in the assessed value of their properties.

The average single-family home in the city of Nanaimo zone was valued at $490,000, according to 2019 assessments released by BC Assessment. The value marks a 12 per cent jump over the average for 2018 assessments.

While the average increase in value was 12 per cent, dozens of homeowners took to social media to voice shock over bumps of over 20 per cent in some cases.

Gerry Marolla, deputy assessor for the Vancouver Island region for BC Assessment, said the bottom line is the demand to live in the central island region continued to outpace housing supply.

“We report out on what’s happening in the market place and we live in a pretty darn special, very desirable place to live,” Marolla told NanaimoNewsNOW.

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According to BC Assessment data, home values in the Nanaimo region increased 25 per cent between 2015 and 2017. Strata properties, like condos, in Nanaimo saw values boost 28 per cent over the same time period.

Previously one of the hottest housing markets in Canada, the Metro Vancouver area actually saw the average value of a single-family home dip in the 2019 assessment.

With many factors like new mortgage rules and higher interest rates impacting B.C.’s real estate market, Marolla was asked why home values in Nanaimo didn’t correct the way they did in Vancouver.

“That’s an affordability issue…Their values were and are significantly higher and at some point in time there has to be some kind of correction,” he said, adding it was not his place to speculate on when or if Nanaimo values would hit the correction point.

A spike in assessed property value does not automatically mean a big jump in property taxes, however.

As long as a home’s value increased by the average for the city, property taxes would be roughly five per cent higher than 2018, the amount proposed in the City’s draft financial plan. An increase of less than 12 per cent would lead to a smaller tax bill. If a home’s value jumped by more than the average, the tax hike will be higher.

Marolla said anyone with concerns about their assessment is first urged to check comparable homes in their neighbourhood or around Nanaimo and review sales data on BC Assessment’s website. If homeowners still have issues, they can call for further information.

Homeowners have until Jan. 31 to submit a written request for an independent review.

A mid-island home once again found its way into the top five highest valued properties on Vancouver Island, with a waterfront estate in Nanoose Bay (1365 Dorcas Point Rd.) coming in fourth at $13.6 million.

Nanaimo’s highest valued property was once again 5025 Hinrich View ($4.4 million), in the Hammond Bay/Vista View area. All of Nanaimo’s top 10 list were either waterfront or ocean view homes.

BC Assessment’s 2019 valuations are an estimated market value based on local sales as of July 1, 2018.

Top 10 highest valued single-family homes in Nanaimo:

• 5025 Hinrich View – $4.4M
• 3372 Stephenson Point Rd. – $4.2M
• 5512 Hiquebran Rd. – $3.7M
• 3384 Stephenson Point Rd. – $3.2M
• 5031 Hinrich View – $2.6M
• 3432 Stephenson Point Rd. – $2.4M
• 3330 Stephenson Point Rd. – $2.4M
• 3380 Stephenson Point Rd. – $2.4M
• 3394 Stephenson Point Rd. – $2.4M
• 5006 Hinrich View – $2.3M

dom@nanaimonewsnow.com

On Twitter: @domabassi