Cowichan property values steady in 2011
Economic turmoil in Europe, fewer jobs in the U.S. and in Canada—even these forces aren't enough to truly affect the worth of homes and condos in the Cowichan Valley.
Property values in the Cowichan Valley are re-assessed each year and 2011 shows only a marginal dip for some areas, including North Cowichan, Lake Cowichan and Ladysmith. Bill MacGougan assesses properties on Vancouver Island and said although there's been a slight overall drop in property values, the economic conditions are still stable.
“There hasn’t been a great deal of change in those fundamental things that affect the real estate market. We’ve still got really low interest rates and relatively easy credit.”
MacGougan said homeowners should look at their notices carefully to make sure the information seems reasonable, but explained that BC Assessment uses the same criteria for every home.
“Everybody’s based on the same principles: It’s market value and it’s the same valuation date so that it’s fair for everybody,” he insisted. “You can compare to other assessments and you can compare to sold properties.”
You can go online to compare the value of your home with other properties in your area and if you're concerned about the assessment, you call the BC Assessment office. Complaints can be made until Jan. 31.
When it comes to the most luxurious homes, MacGougan said there are 97 properties in North Cowichan worth over $1 million, 10 in Ladysmith, 219 in rural Cowichan, which includes acreages but not farms, 16 in rural Lake Cowichan and none in Duncan.
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