Several properties in Sechelt face $1M devaluation, now worth less than $5 says BC Assessment

Homeowners in a Sechelt, BC, subdivision must have been shocked to see the results of their most recent property assessment.

According to BC Assessment, the 14 properties stretching across two streets in the town have seen their value plummet more than a million dollars.

In 2019, all the homes were valued at over $1-million, with many close to $1.2-million.

However, a year later, the properties are valued at a startling $2 apiece.

When broken down, that’s a dollar for the home and a dollar for the land.

The eye-popping assessment is fallout from the subdivision’s sudden evacuation after sinkholes continued to be discovered across the development’s properties.

EVACUATION ALERT: Thurs. Feb. 7, 2019, 18:30. Evacuation Alert for 6629 to 6689 North Gale Ave. and 6644 to 6649 Seawatch Lane issued by @SecheltBC at the Emergency Ops. Cntr. Full press release here: https://t.co/OUOqY3LrTS pic.twitter.com/dLAKAmASaN

— District of Sechelt (@SecheltBC) February 8, 2019

Nearly a year later and residents have yet to return to their homes and the subdivision remains closed off to the public.

The matter is now before the courts, with eight homeowners filing lawsuits against several parties including the developer and contractor.

While no home in the province was dealt a blow like the 14 properties in Sechelt, property assessments in BC did trend downwards in 2020.