Assessed property values in Whistler and the Sea to Sky continued to climb in 2022, but still trailed behind the massive increase in value the corridor saw following the province’s last assessment.
Whistler saw an 11-per-cent increase in the median assessed value of single-family homes, from $2,626,000 to $2,902,000, according to BC Assessment, while the assessed value of the resort’s strata properties—townhomes and condos—rose by 17 per cent, from $1,154,000 to $1,345,000.
Released annually every January, the assessed property values reflect the market rate as of July 1 the previous year.
Rates in the Sea to Sky mostly align with trends seen across B.C., said Bryan Murao, assessor with BC Assessment.
“I think what we’ve found is that, outside of, say, Vancouver and maybe the North Shore, the trends are quite consistent across most of the province. Places like Squamish, Whistler and Pemberton tend to be quite similar, and we’ve seen quite similar trends there for the past few years.”
Though still in the double digits, the increases trail last year’s, when the median assessed value of a single-family home in Whistler rose by a whopping 29 per cent, while the value of strata properties climbed by 24 per cent, a relative anomaly following two years of slowed growth.
“At the time, prior to the assessments, we saw the market going nuts the year before and then probably January, February [2022], it was still kind of nuts, and from then it’s been stagnant,” explained RE/MAX Sea to Sky Real Estate co-owner Matt Chiasson. “We didn’t see any prices crashing. We didn’t see any prices falling, but [sales] were stagnant ever since. So most of this increase will have been from July 2021 to January, February [2022], and then leveled off.”
Ann Chiasson, also a RE/MAX Sea to Sky Real Estate co-owner, said interest rates have contributed to the slowdown in sales activity towards the back half of the year. According to RE/MAX data, in the third quarter of 2022, there were 23 single-family home sales in Whistler and 35 strata property sales. Compare that to Q3 of 2021, when Whistler saw 51 single-family home sales and 115 strata property sales.
“There’s been some definite flips from a buying perspective,” Ann said. “Interest rates have had a major impact on people’s minds—not so much on whether they should buy or not, but it just makes people hesitate a little bit.”
Even with a cooldown in sales, because of Whistler’s lack of inventory—there are fewer than 200 listings currently on the market—and its inherent desirability as a resort, don’t expect property prices to drop significantly in 2023.
“Relatively speaking, I don’t think we’re going to see the kind of increases we’ve been seeing, but I also don’t think we’re going to see something that anyone would deem a drop in the market, especially with nightly-rental and strata properties,” said Dave Brown, realtor with the Whistler Real Estate Co. “We may see a little softening on single-family [home prices] and less activity there, but the desirable properties, like lakefront, are still attracting attention. They may be on the market a little longer, but they are still in demand.”
Whistler’s high price point is contributing to a years-long trend in the corridor that has seen buyers increasingly push into Pemberton, Squamish and beyond—particularly in the strata market. Pemberton, for instance, saw the median assessed value of townhomes and condos increase by 17 per cent last year, while the median value in Squamish—a community that is also heavily influenced by market trends in Vancouver—rose by 16 per cent.
“Pemberton is a by-product of Whistler. Whether they like it or not, Whistler is affecting their pricing,” Ann noted.
In other property categories, the median assessed value of business properties rose 29.5 per cent in Whistler in 2022, 37.8 per cent in Pemberton, and 33.4 per cent in Squamish, while light industrial property values increased 115.4 per cent in Whistler, 42.1 per cent in Squamish, and 131.8 per cent in Pemberton.
“Businesses that are struggling after the pandemic are now facing this increase in their triple net [lease], which is going to further put pressure on them when they’re having staffing issues,” added Ann. “If light industrial goes up that much, the landlord will pass it along.”
Whistler also counted seven of B.C.’s 50 highest-valued residential properties in 2022, including a Stonebridge home listed for $32,961,000 as of July 1, making it the 13th highest-valued property in the province.
The total assessed roll for Whistler at the midway point of 2022 was approximately $28.9 billion, up 15 per cent from the prior year. In Pemberton, that total jumped 25 per cent, to roughly $1.7 billion, and in Squamish, the total assessed roll increased 16 per cent, to approximately $14 billion.
Property owners can expect to receive their formal assessments in the coming days. It’s worth noting changes in property assessments do not automatically translate into a corresponding change in property taxes.
“As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes,” Murao said.
Owners who believe their assessment is inaccurate can submit a Notice of Complaint appeal by Jan. 31 for an independent review by a Property Assessment Review Panel—but are advised to contact a realtor before taking that step.
“The best step for someone if they want to check is to contact a realtor to get a CMA, a competitive market analysis, on what their house is worth,” Matt said.
You can check the assessed value of your property at bcassessment.ca.
