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The Whistler Question
The slide in Whistler’s real estate values appeared to come to an end in 2013, according to the latest figures by BC Assessment. After several years of declines, the total value of properties in Whistler rebounded to approximately $9.73 billion on July 1, 2013, up from $9.6 billion in mid 2012.
That’s still below the $10.08 billion reported for the 2011 assessment and $10.7 billion figure for 2010.
With several large new housing developments coming online in recent years, the total value doesn’t reflect the actual price of homes.
For 2013, BC Assessment used five sample properties to illustrate the previous year, most of which showed an increase in value:
A single family dwelling in White Gold that was assessed at $969,000 in July 2012 was valued at $988,000 by mid 2013, an increase of roughly two per cent.
A single family dwelling in Alpine Meadows valued at $2.15 million in 2012 was valued at $2.27 million this year, an increase of just over five percent.
A two-bedroom apartment in Whistler Village valued at $429,000 in 2012 was valued at $459,000 in 2013, an increase of 6.5 per cent.
A two-bedroom townhouse in the Blackcomb Benchlands increased in value from $607,000 to $641,000, a rise of 5.3 per cent.
The only exception on the list was a single family dwelling in Whistler Cay that was valued at $2.04 million in 2012 and $2 million in 2013. That home decreased in value by about two per cent.
Overall, Whistler’s residential properties increased in value by 0.43 per cent, while commercial real estate decreased in value by 0.71 per cent.
Whistler’s numbers were consistent with other jurisdictions in the Vancouver Sea to Sky 2014 Assessment Roll, released on Jan. 2. Overall, real estate value fluctuated by an average of plus-five to minus-five per cent.
For Pemberton, overall assessments were down slightly for residential homes (0.77 per cent decline) and for commercial properties (0.05 per cent). Squamish residential properties were down 1.27 per cent, and commercial properties down 0.8 per cent.
Property owners should receive their assessment notices in the mail in the next week, and can appeal the assessment until the end of the month, Jan. 31. Complaints will be reviewed from Feb. 1 to Mar. 15. For more on the appeal process, visit www.bcassessment.ca.
An increase in assessed value doesn’t necessarily translate into an increase in property taxes. Municipalities use the amounts in the assessment roles to determine what share property owners should pay of the total municipal tax bill. For example, if all homes go up by roughly the same value and the tax bill is the same, then a home’s portion of those taxes should remain the same as well.
The most valuable Whistler properties
Despite its reputation for high-priced real estate, only one Whistler property made the top 60 in BC Assessment’s list of the 500 most valuable residential properties in B.C. Sitting at number 60 was 2177 Lake Placid Road, with an assessment of $14.5 million.
At 99 was 6715 Crabapple Drive at $12,8 million, followed by 3827 Sunridge Drive at number 120 for $12.1 million.