The value of homes in some of B.C.'s hottest property markets fell in 2012, according to the latest property assessments, but other areas of the province continue to charge ahead.
According to the recently released 2013 assessments, prices rose in most areas of Metro Vancouver and the Fraser Valley last year, along with the Peace River region and Prince George.
But residential property values fell in Victoria and Vancouver Island, Whistler, the Sunshine Coast, the southern Interior, and the northwest of the province.
Prices also fell in some previously hot segments of the Metro Vancouver market, including the Westside of Vancouver, the downtown condo market, and many areas of the North Shore, reflecting changes in the cooling real estate market.
"For the first time in many years, a significant number of properties in the region are actually decreasing in value. The most significant decreases occurred in Whistler, Pemberton and on the Sunshine Coast and Bowen Island," said provincial assessor Jason Grant.
"The majority of residential homeowners will experience an assessment change of less than five per cent compared to last year's assessment roll."
The most valuable home in B.C., which was assessed at more than $39 million, is located at 4707 Belmont Ave. in Vancouver's Point Grey. The three-storey, 29,000 square foot home, which is still under construction, has 10 bedrooms, 17 bathrooms and sits on 1.7 acres of land overlooking Jericho Beach.
BC Assessment is a provincial Crown corporation which is responsible for classifying and assessing the value of all properties in B.C. The assessments are used by municipalities to determine property taxes for owners.
"Property owners who feel that their property assessment does not reflect market value as of July 1, 2012 or see incorrect information on their notice should contact our office as indicated on their notice as soon as possible in January," said Grant.
"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (appeal) by January 31, for an independent review by a Property Assessment Review Panel."
The assessments are also used to determine which homes are eligible for the homeowners property tax grant, which has been set at $1.295 million, an increase of $10,000 from last year. Those with homes above the threshold may still be eligible for part of the grant.
Every year the province adjusts the grant to ensure 95.5 per cent of homeowners receive the full amount of the grant. The grant effectively reduces the property tax paid by most B.C. homeowners by up to $1,045.
Change in total taxable residential property value by region
(Source: B.C. Assessment)