Greater Vancouver Region 2017 Property Assessment notices in the mail

VANCOUVER, Jan. 3, 2017 /CNW/ - In the next few days, owners of more than 513,000 properties throughout the Greater Vancouver region can expect to receive their 2017 assessment notices which reflect market value as of July 1, 2016.

"The majority of residential home owners within the region can expect a significant increase compared to last year's assessment," says Assessor Jason Grant. "Increases of 30-50 per cent will be typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Typical strata residential increases thoughout these areas will be in the 15 to 30 per cent range."

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

Overall, the Greater Vancouver region's total assessments increased from $636.2 billion in 2016 to $825.2 billion this year. A total of almost $10.9 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties.

The summary below provides estimates of typical 2016 versus 2017 assessed values of residential homes and residential strata properties throughout the region. These samples are actual individual assessment examples and are not an average. 

Municipality/Neighbourhood

 (Year Built)

2016

Assessment Roll

(market value as

of July 1, 2015)

2017

Assessment Roll

(market value as

of July 1, 2016)

Percentage
Change in
Value

(2017 Roll vs
2016 Roll)

City of Vancouver


West Side Single-Family-33' Lot, 1964

$1,940,800

$2,740,300

+41%

East Side Single-Family-33' Lot, 1983

$947,300

$1,338,900

+41%

West Side Strata Low-rise, 2002

$662,000

$827,000

+25%

East Side Strata High-rise, 2003

$405,000

$486,000

+20%

City of North Vancouver




Boulevard Single-Family, 1908

$1,137,700

$1,591,100

+40%

Hamilton Single-Family, 1950s

$1,466,000

$1,939,000

+32%

Lower Lonsdale Strata Townhouse, 1995

$729,000

$914,000

+25%

Central Lonsdale Strata High-rise, 2001

$333,000

$400,000

+20%

District of North Vancouver




Blueridge Single-Family, 1961

$1,063,000

$1,474,000

+39%

Lynn Valley Single-Family, 1971

$1,126,700

$1,640,000

+46%

Upper Lonsdale Strata Low-rise, 1990

$441,000

$563,000

+28%

Lynn Valley Strata Townhouse, 1979

$628,000

$867,000

+38%

District of West Vancouver




Ambleside Single-Family, 2001

$2,772,000

$3,938,000

+42%

Waterfront Single-Family, 1967

$4,380,000

$5,799,000

+32%

Altamont Strata Townhouse, 2001

$1,210,000

$1,563,000

+29%

Dundarave Strata Low-rise, 1999

$1,159,000

$1,378,000

+19%

District of Squamish




Garibaldi Highlands Single-Family, 1964

$667,000

$892,000

+34%

Downtown Single-Family, 1950

$432,000

$636,000

+47%

Garibaldi Estates Strata Townhouse, 2002

$374,000

$496,000

+33%

Garibaldi Estates Strata Low-rise, 1992

$192,000

$271,300

+41%

Resort Municipality of Whistler




Creekside Single-Family, 1979

$1,254,000

$1587,000

+27%

Alpine Meadow Single-Family, 1984

$1,138,000

$1,388,000

+22%

Village Strata Townhouse, 1997

$550,000

$673,000

+22%

Blackcomb Benchlands Strata Townhouse, 1995

$703,000

$896,000

+27%

City of Burnaby




Capitol Hill Single-Family, 1946

$936,900

$1,336,800

+43%

Buckingham Single-Family, 1971

$1,862,000

$2,726,000

+46%

Metrotown Strata High-rise, 1999

$511,000

$608,000

+19%

Sullivan Heights Strata Townhouse, 1972

$433,000

$560,100

+29%

City of Coquitlam




Central Coquitlam Single-Family, 1980's

$1,000,000

$1,325,000

+33%

Westwood Plateau Single-Family, 1992

$1,021,000

$1,401,000

+37%

Town Centre Strata High-rise, 2009

$375,000

$478,000

+27%

Maillardville StrataTownhouse, 1989

$376,500

$477,900

+27%

City of Port Coquitlam




Citadel Heights Single-Family, 1990's

$805,000

$1,058,000

+31%

Lincoln Park Single-Family, 1970's

$620,000

$848,000

+37%

Downtown, Strata Low-rise, 1995

$250,000

$291,000

+16%

Citadel Strata Townhouse, 1994

$520,000

$698,000

+34%

City of Port Moody




Hertiage Woods Single-Family, 1997

$1,349,000

$1,842,000

+36%

North Shore Single-Family, 1970s

$1,019,000

$1,380,000

+35%

Newport Strata High-rise, 2005

$394,000

$493,000

+25%

Newport Strata Low-rise, 1996

$414,000

$524,000

+27%

City of New Westminster




Queen's Park Single-Family, 1910s

$1,209,000

$1,609,000

+33%

Sapperton Single Family, 1960s

$909,000

$1,132,000

+25%

Sapperton Strata High-rise ,1992

$436,000

$533,000

+22%

Downtown Strata Townhouse, 1993

$431,000

$587,000

+36%

 

"Commercial and industrial properties in close proximity to Vancouver will typically see increases in the 15-40 per cent range," adds Grant. "Commercial properties being purchased for eventual redevelopment will often exceed these ranges."

BC Assessment's website at bcassessment.ca includes more details about 2017 assessments, property information and trends, such as lists of 2017's top valued residential properties across the province. The website also provides self-service access to the free online e-valueBC service that allows anyone to search, check and compare 2017 property assessments anywhere in the province.

"Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2016 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says 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 31st, for an independent review by a Property Assessment Review Panel," adds Grant.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Community, Sport and Cultural Development, and typically meet between February 1 and March 15 to hear formal complaints.

The Greater Vancouver Region Assessment offices are located at:

Vancouver Office
#200-2925 Virtual Way
Vancouver, BC
V5M 4X5

Burnaby Office
#420-2700 Production Way
Burnaby, BC
V5A 4X1

During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca

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

Facts on B.C. Property Assessments and the 2017 Assessment Roll

  • Total number of properties on the 2017 roll is 2,017,364, an approximate 1% increase from 2016.

  • Total value of real estate on the 2017 roll is $1,667,918,048,627 ($1.67 trillion), an increase of over 25% from 2016.

  • Total amount of 'non-market change', including new construction, rezonings and subdivisions is approximately $25.2 billion, an increase of almost 24% from the 2016 roll of $20.4 billion.

  • In B.C., approximately 88% of all properties are classified with some residential (Class 1) component. This equates to $ 1,298,409,769,982 of the value on the total provincial roll.

  • Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.

  • Assessments are the estimate of a property's market value as of July 1, 2016 and physical condition as of October 31, 2016. This common valuation date ensures there is an equitable property assessment base for property taxation.

  • Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.

  • Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.

  • BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise over $7 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.

  • BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and click on the e-valueBC link. For more information on the 2017 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.

 

SOURCE BC Assessment



For further information: Media contact: Jason Grant, Regional Assessor, BC Assessment, Tel. 604-739-2450 Email: jason.grant@bcassessment.ca

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

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