In an odd turn of events, outrageous property values in Vancouver have been upstaged by increases in smaller communities.
The B.C. assessment office says property values in some smaller communities like Hope and Lake Cowichan have increased by as much as 40 per cent while properties in the Vancouver area are up 16 per cent.
In the northwest we are seeing values for single family homes going from $375,000 in 2020 to $440,000 as of July 2021. Star housing and condos have increased even more going from a high in 2020 of $189,000 to $225,000.
Kitimat is one of only a few exceptions where the values saw no change or falling slightly for the second year in a row from $330,000 to $329,000
Other communities saw increases such as Burns lake moving up 21 per cent, Hazelton by 35 per cent, Masset by 27 per cent, Port Edward 41 per cent, Prince Rupert up 31 per cent, Smithers 21 per cent, Stewart 12 per cent and Telkwa 17 per cent.
According to Bryan Murao the deputy assessor, 2022 will likely see even higher increases and he also said that large increases in value don’t necessarily translate into higher taxes.
Murao says a lot of people are deserting the southern tier looking for cheaper property or retirement options, which has resulted in increases of 40 to 50 per cent in some small towns.
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