Cranbrook experienced a minimal change in assessed property value, according to B.C. Assessment, which has released 2017 assessment notices to 143,000 properties in the Kootenay-Columbia region.
Based on estimates of typical 2016 versus 2017 assessed values, residential single detached homes in Cranbrook increased by $1,000 from $269,000 to $270,000, according to a B.C. Assessment representative.
“Essentially, that represents an average home value change, and really, what it shows is that there’s minimal market movement in the Cranbrook market this year,” said Ramaish Shah, Deputy Assessor for the Kootenay Columbia region. “It represents a stable market for the Cranbrook area. We’ve seen that in a number of areas throughout our region and Cranbrook’s one of them.”
Meanwhile, up the highway in Kimberley, values remain unchanged, with no variation at $228,000 between the 2016 and 2017 Assessment Roll.
“The majority of residential home owners within the region can expect an increase, compared to last year’s assessment,” said Shah. “There are some markets that have moved more than others. Nelson, for instance, has seen strong demand for housing over the past year. Some areas have seen a decrease in demand as del, and this is reflected in the current assessed values.”
Significant increases occurred in Grand Forks, Nelson, Revelstoke, Invermere, Golden, Kaslo and Slocan. However, some areas saw decreases, such as Sparwood, Creston, Canal Flats and Radium Hot Springs.
“Essentially, it’s a stable market,” said Shah. “Anything between zero and ten per cent is a stable market, from our perspective. There’s always a couple of hot spots; I’d say Nelson and Revelstoke are two of those. They’ve gone up more than the typical and there are some areas — Sparwood and Canal Flats — that have decreased a little bit more than other areas in our region.”
Overall, the region’s total assessment increased from a value of $37.89 billion in 2016 to 38.60 billion this year. The increase is generally attributed to subdivisions, rezoning and new construction.
Provincially, there area over two million properties on the 2017 assessment roll — a one per cent increase from last year valued at $1.67 trillion.
If a homeowner takes issue with their assessment, there is an appeal process.
“Property owners can find a lot of information on our website including answers to many assessment-related questions,” said Shah, “but those who feel their property assessment does not reflect market value as of July 1, 2016 or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint by January 31 for an independent review by a Property Assessment Review Panel.”