Housing prices are expected to increase in Fernie and Sparwood

Housing prices are expected to increase in Fernie and Sparwood

Elk Valley properties increase in value in 2015

Property assessment notices for 2015 will be sent out to over 14,500 properties in the Elk Valley, most indicating an increase in value.

Property assessment notices for 2015 will be sent out to over 14,500 properties in the Elk Valley, most indicating an increase in value.

Home owners in Fernie and Sparwood can expect to see increases while owners in Elkford will see a similar number to last year, according to Rod Ravenstein, Kootenay Region Deputy Assessor in a press release last Saturday.

“A typical single family home in Fernie that was previously assessed at $396,000 was valued at $423,000 in the summer of 2014,” noted Ravenstein.

The increased values are reflective of market changes as well as growth totaling $28.1 million across the three communities due to subdivisions, rezoning and new construction.

Commercial and industrial properties in both Sparwood and Elkford can expect an increase of 10 to 20 per cent, which Ravenstein said is indicative of the strong demand in the marketplace over the last year.

Ravenstein noted that if property owners feel their assessment does not reflect market value as of July 1, 2014 or if incorrect information is present on their assessment to contact BC Assessment as soon as possible.