BC Assessment releases examples of significant 2016 value increases

VANCOUVER, Dec. 8, 2015 /CNW/ - Following a very active year in which residential values continue to climb, some property owners across the Greater Vancouver region can expect their 2016 property assessments to increase notably more than the average and, therefore, are currently receiving an early notification from BC Assessment.

"The recently finalized 2016 assessments are indicating significant increases from 2015," says Assessor Jason Grant. "Increases of 15-25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond and Surrey. Typical strata residential increases will be in the five to 10 per cent range."

The following table provides examples of single-family home assessment increases in a sample of Greater Vancouver communities. These are actual individual assessment examples and are not an average. Note that a more extensive list will be released on January 4, 2016.

 

Municipality / Neighbourhood

(Year Built)

2015

Assessment Roll

(market value as

of July 1, 2014)

2016

Assessment Roll

(market value as

of July 1, 2015

Percentage

Change in Value

(2016 vs. 2015)

City of Vancouver




West Side Single-Family-33' Lot, 1964

$1,575,000

$1,940,000

+23%

East Side Single-Family-33' Lot, 1983

$993,000

$1,267,000

+28%

District of North Vancouver




Blueridge Single-Family, 1961

$895,000

$1,063,000

+19%

Lynn Valley Single-Family, 1971

$993,000

$1, 126,000

+13%

District of West Vancouver




Ambleside Single-Family, 1948

$1,856,000

$2,144,000

+16%

Waterfront Single-Family, 1967

$3,542,000

$4,380,000

+24%

Burnaby




Capitol Hill Single-Family,1946

$760,000

$936,000

+23%

Buckingham Single-Family, 1971

$1,470,000

$1,862,000

+27%

Coquitlam




Central Coquitlam Single-Family, 1980's

$852,000

$1,000,000

+17%

Westwood Plateau Single-Family, 1992

$848,000

$1,021,000

+20%

Richmond




West Richmond Single-Family, 1956

$1,655,000

$1,863,000

+13%

Steveston Single-Family, 1972

$852,000

$1,024,000

+20%

Surrey




South Surrey Single-Family, 1981

$716,000

$790,000

+10%

Fleetwood Single-Family, 1983

$514,000

$573,000

+11%

In addition to residential homes, increases for commercial and industrial properties in close proximity to Vancouver will see increases in the 10-25 per cent range.  Commercial properties being purchased for eventual redevelopment will often exceed these ranges.

Residential real estate market movement throughout the rest of the province is less dramatic with typical increases in the zero to 10 per cent range.

Early Notifications to Impacted Property Owners:

"Across the province, we have just issued about 37,000 early notification letters, with almost two thirds of those going to Greater Vancouver property owners.  Early notification letters are mailed to property owners who can expect an increase of at least 15 per cent above the average increase in their local taxing jurisdiction," explains Grant.  "We want to ensure impacted property owners are aware of the significant increases and we welcome them to contact us if they have any questions or concerns."

New assessments for all properties will be released on January 4, 2016, and all 2016 Assessment Notices will be mailed to property owners during the first week of January.

"The market for single family homes between July 1 and the end of November has continued to rise dramatically, so property owners should be reminded that their 2016 assessments are based on the market value as of July 1, 2015," says Grant.

As B.C.'s trusted, go-to provider of property information, BC Assessment collects, monitors and analyzes property data throughout the year.  BC Assessment is a Crown corporation that provides property assessments and collects property information for nearly two million properties across the province.

BC Assessment's newly-enhanced website at bcassessment.ca  will be updated on January 4th, 2016 with access to 2016 property information including assessment details for all properties via our free, online e-valueBC service, a variety of statistics, and extensive lists of the top valued properties, both regionally and province-wide.  

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.

SOURCE BC Assessment

For further information: Media contact: Tim Morrison, Senior Communications Advisor, BC Assessment, Tel. 1.866.825.8322 Ext. 00251 Email: tim.morrison@bcassessment.ca

RELATED LINKS
http://www.bcassessment.bc.ca/about/index.asp

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