A recent BC Real Estate Association report says 2021 was a record year for sales in the BC housing market, while 2022 begins with the lowest number of listings on record.
On Cortes Island, local resident realtor Martha Abelson, who has 17 years experience, says there are only four active listings, fewer than half the average for this time of year. She believes the pandemic is contributing to the housing supply shortage.
Meantime, the BC Assessment Authority has just issued property owners their annual assessments. On Cortes Island, the average increase in value is 40%.
Despite the increase in assessed values, Abelson cautions property owners not to assume their property taxes will rise by a corresponding amount. She says the actual rate won’t be known until March 31. Abelson also notes that 2018 marked a year of transition, when property values began an upward trajectory.
Top photo credit: Local realtor Martha Abelson says Cortes Island is facing a shortage of housing listings like the rest of the province. Free image courtesy of pixabay.com.