Some values jump 60 per cent
Many property owners in Sun Peaks were surprised in January by notices of large increases in their property value from BC Assessment. While the average change in the municipality was six per cent (from $785,000 to $831,000), some saw changes in the 30 to 60 per cent range.
Graham Held, BC Assessment deputy assessor for the Thompson Okanagan Region, said the changes shouldn’t come as a huge surprise.
“If you look historically at what the values have done at Sun Peaks, they were steadily increasing til ‘08, then didn’t do too much for a number of years. They’re now back to where they had been historically, some will eclipse 2008.”
Held added increases weren’t consistent throughout the resort and that quarter shares, such as the Sun Peaks Grand Residences, haven’t yet returned to levels seen previously.
With an estimated 2,000 homes, Held said the supply is low compared to nearby cities like Kamloops but has much more diversity. While Kamloops has mainly single family homes, the mountain community has a mix of many types like townhomes, condos, duplexes, quarter shares and single family homes.
“The diversity (of types) means that you can get some pretty wide variations in terms of value changes year to year,” said Held.
He said single family homes increased around five to 15 per cent while townhomes and duplexes were more likely to see increases in the 30 per cent and up range.
Some property owners on Burfield Dr. raised concerns about large increases, but Held said the street saw a marked increase in sales and development between assessments, including a five-plex with listings starting at $429,000, which all impact the values.
Other factors in calculating the value include the location, size, layout and shape of the lot and the age, finish, quality, added carports, garages or decks and condition of buildings.
He pointed to a home on Burfield Dr. which sold for around $500,000 in 2009 and only regained it’s value last year, selling for $532,000.
“They’re now finally regaining (their value),” Held said. “It’s the right housing at the right price.”
Held encouraged anyone with concerns or questions about their assessment to use the BC Assessment website or the contact information on the back of their letter to do more research or ask questions.
He also urged owners to wait for the municipal budget to be set as that will determine their property tax for the year.
“That’s the other side of the equation… just because your assessment went up 20 per cent doesn’t mean your taxes are going up 20 per cent.”