Centrally located close to historical downtown Revelstoke, British Columbia, the Victoria Street Residences are a perfect stepping off point to access the services and amenities that Revelstoke has to offer. Inquire for more information on ownership.
REVELSTOKE TODAY. Revelstoke experienced the largest increase in single-family residential assessment in the Kootenay Columbia Zone. The average single-family residence assessment in Revelstoke in 2017 jumped by 21.1% over the same period in 2016, far ahead of the second-place Village of Midway, which increased by 14.2%. The average Revelstoke increase for all residential property types, including condos and other categories, was 18.62% The Kootenay Columbia region saw an overall increase in property values. BC Assessment Deputy Assesor Ramaish Shah said the majority of residential homeowners within the area can expect an increase in property values compared to 2016. He said some markets have more than others, noting Revelstoke has seen a strong demand for housing in the past year. "Some areas have seen a decrease in demand as well, and this is reflected in the current assessed values," said Shah. The average assessed value of a Revelstoke single-family residential home jumped from $360,000 as of July 1, 2016 to $436,000 as of July 1, 2017. BC Assessment is the provincial organization responsible for assessing property values in BC. The organization released their annual assessment report on Jan. 2, just ahead of distribution of property assessment notices. Assessed property values are not directly related to an increase in property taxes. Residential homeowners can be assured their property taxes will not increase by 21.1%. Homeowners can visit www.bcassessment.ca to find out if the assessed value of their property increased by more or less than the 21.1% average increase. Homeowners whose assessed property values increased more than the average can expect to pay more property tax. Those with an assessed property value of less than 21,1% average can expect to pay less in tax. Taxes for a residential property assessed at the $436,000 average will amount to $3,464. This is a combined amount of $2,101 in municipal taxes and $1,362 in school, regional district and other taxes. The municipal tax rate is set at $4.78 per $1,000 of assessed value, and the school and other taxing authorities rate is set at $2.85 per $1,000. Revelstoke Mountaineer real estate columnist Emily Beaumont said third-quarter statistics for 2017 show the average sale price for single-family home at $458,000. This is up from 2007 when Revelstoke experienced a significant increase in real estate prices directly linked to the development of Revelstoke Mountain Resort. The average sale price for a single family home at that time was $440,000. In the interim years, property values dipped, but have now risen above the prices of the early RMR resort-hype era. Beaumont said there is an increased demand for housing under $400,000 and at fair market value. As of November 2017, inventory of houses valued at under $400,000 were sparse, there were only 43 single-family homes in total on the market. Republished with the permission of Revelstoke Mountaineer Magazine.
THE RESIDENCES. Centrally located close to historical downtown Revelstoke, British Columbia, the Victoria Street Residences are a perfect stepping off point to access the services and amenities that Revelstoke has to offer. Since 2015, over $1,250,000 CDN in renovations and upgrades have been made to the residences, common property, interiors and exterior, making the properties appealing for full-time use or long-term rental. Professionally strata managed, all common areas (interior and exterior) are maintained and maintenance free for owners. Whether investing or making a Victoria Street Residence a primary residence, these homes are the most attractive, affordable and centrally located of their kind in Revelstoke. PROPERTY DETAILS ADDRESS: 1211 Victoria Road, Revelstoke, British Columbia DISTANCE TO AMENITIES: Minutes to groceries, cafes and downtown Revelstoke DISTANCE TO RESORT: 7.2 km TOTAL RESIDENCES: 16 TOTAL ONE-BEDROOM: 4 ONE BEDROOM SQUARE FOOTAGE: 675 sq ft TOTAL TWO-BEDROOM: 12 TWO BEDROOM SQUARE FOOTAGE: 854 - 891 sq ft OWNERSHIP: Full / Strata ZONING: Residential / Long Term Rentals