Revelstoke assessed property values increase by 10 per cent

Province-wide the numbers dipped by 2.5 per cent

Revelstoke has seen a 10 per cent increase in assessed property values, according to BC Assessments.

Though Revelstoke did not see the biggest increase in the Kootenay Columbia Region, it has, on average the second most valuable properties in the region, coming in at an average of $509,000 and second only to Fernie, who come in at $553,000.

In the region, the largest increase was in the village of Salmo and the Village of Warfield, which both saw an increase of 14 per cent.

In the region the top valued property, coming in a $5.6 million is in Invermere, a Revelstoke property is the fourth highest in the region, coming in at almost $4.8 million.

Broken down by neighbourhood, Central Revelstoke residential properties increase by 11.4 per cent, with strata properties increasing 14.7 per cent. In Arrow Heights single family dwellings increased by 8.3 per cent with strata properties increasing by 26 per cent. Multi-family houses increased by 11.7 per cent.

In rural Revelstoke, property values increased by 4.5 per cent.

In 2017 and 2018, assessed property values increased in Revelstoke by 18 per cent each year, for a total of 46 per cent over three years.

A chart graphing the change in market value of single family homes in Revelstoke since 2016. Market value and assessed value are different calculations. (BC Assessment)

Across the province, the biggest increase in assessed property values was in rural Prince Rupert, where they saw an increase of 84.8 per cent.

The largest increase in an urban centre was in the village of Hazelton, which saw a 25.1 per cent increase.

The largest decrease in assessed value was in the district of West Vancouver, which saw a 14.8 per cent decrease.

READ MORE: Don’t agree on your property assessment? Here’s what to do

Province-wide, values dipped 2.5 per cent.

READ MORE: B.C. assessed home values to dip 2.5% in 2020


 

@JDoll_Revy
jocelyn.doll@revelstokereview.com

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