It wasn’t the dramatic 25 per cent rise homeowners saw last year, but property valuations still went up on Bowen in 2022.
In the annual release from BC Assessment earlier this month, the numbers show Bowen residential property value grew seven per cent from the year before. This brought 2022’s mark of $1.271 million up by nearly $100,000, to $1.363 million. The number represents a median value, which means half of Bowen homes fall on either side of the 2023 number.
Last year’s release featured a scorching rise as every municipality in the Lower Mainland saw residential property values rise by double digits. This year was much tamer, with a mix of single digit and low to mid double digit growth in the region.
The largest riser in the area was Pemberton at 16 per cent, while the University Endowment Lands didn’t experience any growth. The latter is already by far home to the most valued properties on the list however, at $5.466 million. Across the water in West Vancouver, growth was four per cent as the median value rose to $3.111 million.
“Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher around July 1, 2022 compared to the previous year,” said Bryan Murao, assessor for BC Assessment, in this year’s release.
“For both single family homes and condos in Greater Vancouver, most homeowners can expect about a 9 per cent rise in values whereas the Fraser Valley will be a bit higher at about 10 per cent for houses and 15 per cent for condos and townhomes,” added Murao.
The rise in property value can also come with a jump in property taxes. As a general rule, if your value change was less than the average (in Bowen’s case plus seven per cent), your property tax will likely decrease. If you had an assessment change similar to the average your property taxes should remain the same, and if your assessment went higher than the average taxes will likely go up.
Quartet of homes stand above the rest
Just like last year, four island properties have landed in the annual listing of most valuable in the province, once again equalling the most Bowen has ever had on the list.
But, while the value of each home has gone up slightly, they’ve all dropped a bit in the rankings as other properties around B.C. saw their assessments shoot up during the past year.
Leading the charge once again was 1840 Lighthouse Lane, located at the end of the Cape Roger Curtis road featuring some of Bowen’s most photographed scenes between the lighthouse and signature tree. Coming in at $13,882,000, the assessment is up $102,000 from last year. While it was 317th overall in 2022, this year it ranks 342nd.
The island’s second ranked property is a hop over to the north coast at 370 Smugglers Cove Road. Its 2023 value comes in at $13,568,000, up $20,000 from the year before. Rankings wise the house went from 339th in the province to 371st.
The 536 Eves Road residence remains Bowen’s third-highest assessment with $12,923,000 in value. The 100 acre property was the highest gainer of the group after adding $432,000 since 2022. But with values rocketing up across B.C., it fell slightly from 419th overall to 427th this year.
Also gaining six-figures worth of value is Bowen’s final entry on the list at 1400 Southshore. The 111 acre piece of land leapt up $232,000 to a new year total of $12,628,000. Despite the financial gain it slides into the final 50 entries of the top 500, claiming the 457th spot after ranking 430th in 2022.