With this year’s housing assessments in the mail, homeowners in Golden can expect a significant increase once again in their property value, with a rise of 32 percent, according to the 2022 B.C. Housing Assessment.
It’s almost triple the jump from the year before when property values in Golden went up 11 percent, which was already double the jump from 2020, which saw an increase of six percent.
City residents flock to Golden for the property value
This consistent rise in property values reflects the solid real estate market in Golden, driven by an influx of buyers from urban areas seeking more space and a lifestyle change.
This trend has not gone unnoticed by residents, who have seen their home values increase significantly over the past few years. While this may seem like great news for homeowners looking to sell, it also means increased property taxes and potential challenges for first-time homebuyers trying to enter the market.
The average house price in Golden now sits at $548,000, which is well above the provincial average of $759,000. This can be attributed to factors such as our beautiful mountain location and outdoor recreational opportunities, as well as our proximity to major cities
The jump puts Golden well outside the stable zone, as Ramaish Shah, a deputy assessor at B.C. Assessment, described in an interview in January 2020.
“I would consider anything from 0-10 percent a stable market, where prices aren’t changing dramatically but at the same time homes are selling for more than they were the previous year,” said Shah of the 2020 assessment.
Assessments estimate a property’s market value as of July 1, 2021, and physical condition as of October 31, 2021. This common valuation date ensures an equitable property assessment base for property taxation.
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According to the B.C. assessment interactive map, single-home properties increased in value by approximately 31.1 percent in town. Rural Golden, which reflects Nicholson and Area A, increased an estimated 21.2 percent.
Kootenay area property value increased across the board
Properties all across Kootenay Columbia have seen a massive spike, with the highest increase being in the village of Slocan, 51 percent, and the lowest being in the District of Elkford, 14 percent.
“Homeowners in the Kootenay Columbia region can expect noticeable increases in their 2022 assessments compared to last year,” says Kootenay Columbia Deputy Assessor Sharlynn Hill.
“The demand for properties has been very high this past year, reflected in the prices paid for all property types. The year-over-year change in the typical values has been relatively consistent throughout the region and generally with double-digit percentage rises for most communities.”
While the Town of Golden uses the assessment to determine property taxes for the next year, the increase does not necessarily correlate to a tax raise. The Town adjusts the mill rate to ensure the overall tax revenue remains unchanged.
This year, Golden’s average residential assessed value saw an increase of 5.2 percent, with a typical value of $299,000 compared to last year’s $284,000. This follows a trend seen across most communities in the Kootenay Columbia region.
The highest increases were seen in the District of Sparwood and the City of Fernie, both at 12 percent and Kimberley at 10 percent. Other notable increases include Radium Hot Springs at 8 percent and Invermere at 9 percent.
On the other hand, some areas experienced minimal changes or even decreases in their residential assessments. The Village of Valemount saw a decrease in their property values.
The assessment is based on the current market value of homes, which continue to grow across B.C.
BC Assessment’s website includes more details about 2022 assessments, property information, and trends, such as lists of the province’s top-valued residential properties in 2022.
The total value of the real estate on the 2022 Roll is about $2.44 trillion, an increase of nearly 22 percent from 2021.
Those not pleased with their property assessment are welcome to file an appeal with the review panel.
Types of Properties available in Golden, BC
- Single-Family Homes: Perfect for families, these homes often come with spacious yards and are located in safe, community-oriented neighbourhoods. The main residential area of Golden is near schools and downtown. Selkirk Hill, Bear’s Paw Heights, and Canyon Ridge are also worth considering.
- Condos and Townhouses: Ideal for young professionals or retirees, these properties offer modern living with minimal maintenance. Some of the newer local condo projects include OSO, The Kaur, Rocky Pointe, and Riverside District, which are currently under construction.
- Vacation Homes: Given Golden’s appeal as a tourist destination, vacation homes are a popular investment. Whether you’re looking for a ski-in/ski-out property or a summer getaway, the options are plentiful. There are multiple options at Kicking Horse Mountain Resort, whether you’re looking for a single-family home or a condo.
- Land: For those looking to build their dream home, buying land in Golden offers the flexibility to create a custom living space tailored to their needs. However, it is becoming increasingly difficult to find land in the Golden area, so take your time and do your research.
