Sunshine Coast & Bowen Island - 2014 Property Assessment

[Skook]

I prepared the images and tables for this post as soon as BC Assessments sent out its 2014 press release back in early January; however, I sat on the data because I wanted to see the Coast Reporter’s follow-up piece (its main weekly newspaper). In the past, the CR has reported on Sunshine Coast assessment values for areas outside of Gibsons and Sechelt; unfortunately, not this year. So, it’s time to get this data up in the forum.

I’ll begin with two images from a Global News piece. On the left, we can see how representative Gibsons and Sechelt waterfront and non-waterfront property assessments stand compared to each other and to other areas of the province. On the right is a very interesting chart that shows Sechelt non-waterfront property assessment experienced the third steepest decline in the province. (Note: 2014 Property Assessment is based on the July 1, 2013 market value).

The tables below the local market trends and I have included 2012 data to make it more interesting. The reason for including Bowen Island data is that I think both the SC & BI have much in common: both are attractive to mainland buyers wanting to escape the city, both have a commuter population and both are feeling the impact of rising ferry costs. (You can read a more in depth explanation mid-way down this post - look for the MLS Home Price Index Table image).

Here is the Coast Reporter story on 2014 Assessments:

Quote:Property values inch down for second year
BC Assessment
January 10, 2014
John Gleeson/Staff Writer

Total assessed property value on the Sunshine Coast has dropped by about one per cent from last year, according to BC Assessment figures released on Jan. 2. The 2014 assessment roll for the Coast fell by $95 million to $8.96 billion — down from $9.06 billion in 2013 and $9.26 billion in 2012. The figure includes the total value of subdivisions, rezoning and new construction (non-market change) that rose to $115 million from $93 million last year. On average, residential assessment dropped by three per cent in Sechelt and 1.35 per cent in Gibsons, while commercial property values rose by 1.91 per cent in Gibsons and 1.15 per cent in Sechelt.

Examples provided by BC Assessment that reflect market trends show the value of a non-waterfront, single-family dwelling in Gibsons rose by $5,000 to $396,000, while a waterfront home fell by $6,000 to $711,000. In the Sechelt examples, the assessment for a non-waterfront home fell by $27,000 — more than eight per cent — to $301,000, while a waterfront home rose by $6,000 to $663,300.

Deputy assessor Grant McDonald noted the relatively large price drop for the non-waterfront example in Sechelt does not reflect an average price in that category. “These are reasonably typical properties in that particular market,” McDonald said.
In general for the Vancouver Sea to Sky region, he said, assessments have been stable, varying between minus five per cent and plus five per cent. One exception was Lions Bay, where residential assessment fell by 12.17 per cent.

Last year’s overall property assessment for the Coast fell by 2.2 per cent from 2012, the second biggest drop in the Vancouver Sea to Sky region after Whistler. Despite the two consecutive drops in assessment, real estate sales on the Coast “have held up pretty well,” McDonald said. One Sunshine Coast property made BC Assessment’s list of the 500 highest valued properties in the province. Valued at $12.6 million, 230 Pasley Island West Shoreline in West Howe Sound ranked number 104 on the list.

Meanwhile, year-end statistics for the Sunshine Coast compiled by the Real Estate Board of Greater Vancouver showed an overall 2.8 per cent drop in median price (from $360,000 to $350,000) and a four per cent drop in unit sales (from 626 to 601). For the local real estate market, the slightly lower sales volume and median price “represent more of the same,” said Gary Little, a Realtor with Royal Lepage Sunshine Coast who posts the local data at www.garylittle.ca

“What it means is less activity, which is bad for sellers, but it’s not so different that it makes a huge difference,” Little said. The 2014 assessment figures were based on a valuation date of July 1, 2013 — which makes them “a bit out of date, because the last six months were a lot stronger than the first six months,” Little added. “December was a really strong month.” Little said he was hopeful the upturn in sales that came later in the year will continue into 2014.

[JimmyWW]

More gold, Skook. I intend to buy you a Drambuie one of these fine days! Jimmy

[Skook]

Your're on...

[JimmyWW]

Jedi Master Skook called it, and so it is: the collapse begins on Bowen.

First offered to the market at $3,288,888 million dollars - 1355 Adams Road - now yours for a measly $1,288,888 m. http://bowenislandrealestate.info/homes.html

And to a point made elsewhere on this blog, some land is relisting at 10-15% below previous list price.

"We shall overcome..."

JimmyW

[Skook]

Jimmy, since you're keeping a close eye on BI prices, why not start a new SC thread and call it 'Bowen Island Price Drop' and post your observations there.

I am sure there will be many interested in this info and having a thread dedicated to it makes sense. Thanks for keeping us up to date - great work.

Yoda Skook

[JimmyWW]

Great idea Master YodaSkook - as long as no realtors go Boba Fett on me as result of my posts! More soon - JimmEwok

(04-17-2014, 05:52 AM)Skook Wrote: Jimmy, since you're keeping a close eye on BI prices, why not start a new SC thread and call it 'Bowen Island Price Drop' and post your observations there.

I am sure there will be many interested in this info and having a thread dedicated to it makes sense. Thanks for keeping us up to date - great work.

Yoda Skook