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For the first time in many years a significant number of properties in the region are decreasing in value.
More than 300 thousand property owners throughout the Vancouver-- Sea to Sky region are beginning to receive their 2013 assessment notices.
Chief economist with the BC Real Estate Association Cameron Muir says the majority of residential homeowners are seeing a change of less than five-per cent compared to last year's assessment roll.
"We've seen prices come off on single attached homes in the west side of Vancouver and some markets on the North Shore not in a significant way but certainly on the west side I believe they are down six to eight per cent right now compared to a year ago."
The most significant decreases are in Whistler, Pemberton, the Sunshine Coast and on Bowen Island.