Single family dwelling values in downtown Nanaimo saw a 25 per cent year-over-year market change, according to the independent body responsible property valuation in B.C.
According to a presentation by Maurice Primeau, B.C. Assessment deputy assessor, to the Regional District of Nanaimo board Tuesday, many City of Nanaimo neighbourhoods showed double-digit increases, with the downtown core showing the highest at 25.2 per cent. The extended downtown core, which includes Nanaimo’s southern area, (19.4 per cent), Pleasant Valley/Brannen Lake (15.3 per cent), Chase River (15.5 per cent), the Northfield/Diver Lake (14 per cent), Terminal Avenue (13 per cent), Long Lake (12.1 per cent), Uplands/Country Club (11.7 per cent), Jingle Pot Road/Vancouver Island University area (10.7 per cent) and Townsite/Nanaimo hospital (10.4 per cent) also saw changes in that range.
The Dover and Dickenson roads area saw a 4.7 per cent market change, the lowest in the city.
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Primeau told the News Bulletin that changes in the downtown core were a result of sales and price.
“I think it’s just basic economics,” said Primeau. “You look at areas that didn’t see such big increases and you look at them, what is affordable in the marketplace? So if you buy in Departure Bay, Hammond Bay, and if you’re a new buyer in the market, and you’re like, ‘I can’t afford those areas,’ you’re going to look to where it’s affordable … what I’m seeing from these numbers, very high level without digging into a comprehensive, is that people were buying in this area because it was affordable.”
According to numbers in the presentation, 2019 typical assessment for a single family dwelling in the City of Nanaimo increased to $490,000 from $434,000 and for District of Lantzville, it rose to $624,000 from $538,000.
For a strata condominium in the city, the 2019 typical assessment increased to $309,000 from $$268,000.
Figures used for 2019 assessments are based on July 1, 2018 market values, said Primeau.
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