Value of homes dropped in 2011

BC Assessment has generally valued Campbell River properties moderately lower this year over last

BC Assessment has generally valued Campbell River properties moderately lower this year over last, and real estate sales prices from 2011 are backing them up.

More than 14,000 Campbell River property owners should expect to see assessment changes in the range of -10 per cent to + 5 per cent.

“Most homes in Campbell River will see moderate decreases or little change in value compared to last year’s assessment roll,” said BC Assessment Authority (BCAA) Vancouver Island Regional Assessor Bill MacGougan.

The Vancouver Island Real Estate Board numbers for 2011, show an 11 per cent drop from 2010 in the average sales price of all homes in Campbell River, to $271,220.

The average sales price in the VIREB region, which covers Vancouver Island north of the Malahat, was $341,537 – down incrementally from 2010’s average price of $342,324.

Marty Douglas, managing broker for the Coast Realty Group, said Campbell River buyers are well placed to take advantage of the city’s low prices on two specific types of properties: lots and waterfront homes.

“The average price for a single family residential lot in Campbell River for the 12 months ending Dec. 31 was $101,802,” Douglas said.

“House prices tell a similar story where the average price for the year clicked in at $286,299, nearly $65,000 lower than in the Comox Valley.

“The only lower average house prices on Vancouver Island are in Port Alberni or in the North Island.”

A shortage of serviced lots in the Comox Valley has driven up prices there.

“The cheapest new lot that you buy in the Comox Valley is probably about $159,000,” said Clarice Coty, publisher of Building Links, a North Island Construction Newsletter. “In Campbell River, typically new lots are coming on the market at about $110,000.”

Campbell River’s waterfront properties are some of the lowest priced waterfront homes on Vancouver Island.

“When it comes to value, especially in waterfront properties, we beat our cousins in Port Alberni handily,” Douglas said.

In Campbell River, there were 17 single family waterfront homes sold in 2011 with an average price of $475,376, compared to the West Coast’s 14 sales with an  average price of $718,000.

That price was influenced greatly by sales in Tofino, Douglas said.

Vancouver Island waterfront properties had selling prices ranging from $1.7 million in Tofino to $100,000 in Gold River.

Overall, Campbell River’s taxable residential assessment roll is $3.3 billion this year.

A total of almost $34 million in new residential value has been added due to various changes including subdivision, rezoning and new construction.

“In the first three quarters of 2011, Campbell River approved building permits for 90 new single family homes with a value of more than $23.5 million,” Coty said, adding that this was a 40 per cent drop from the same period in 2010. “Still, Campbell River led the way with 90 new homes, compared to 55 in Courtenay and 37 in Comox.

“Total construction values, including commercial and industrial developments for the first nine months were 39.3 million in Campbell River, compared to 36.1 million in Courtenay.”

And as for BC Assessment, property owners who feel that their property assessment does not reflect market value as of July 1, 2011 or who see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January, MacGougan said.