The annual BC Assessment numbers are in, and the data shows a staggering growth in real estate values across the province.

The total assessments in Greater Vancouver grew from $546.7 billion in 2015 to $636.2 billion in 2016, a 16% growth in 12 months. A sample of East Vancouver single-family homes saw the greatest growth at a 28% increase in value, outpacing the pricey West Side neighbourhoods which still made a strong leap at 23%.

“The 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, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Single-family market movement in Whistler, Pemberton and the Sunshine Coast is less dramatic, with typical increases in the zero to 15 per cent range. Typical strata residential increases throughout the region will be in the five to 10 per cent range.”

BC Assessment says owners of more than 500,000 homes in Greater Vancouver will be receiving their property assessments for 2016 in the mail this week. The numbers reflected in the assessments show market value as of July 1, 2015.

Assessment values provide data to determine how much property tax owners must pay each year. Those who experience a larger increase in their property values will be required to pay more tax in 2016.

The total number of homes on the BC Assessment list this year reached 1,996,112 and were valued at $1.34 trillion, an increase of 11.1% from 2015.

http://www.vancitybuzz.com/2016/01/greater-vancouver-real-estate-assessments-2015/

If you’re a homeowner, you may be newly eligible for property tax relief – the homeowner grant threshold has been raised to $1.2 million for 2016.

According to the B.C. government, raising the threshold means more than 91 per cent of homes in the province now qualify for a property tax reimbursement of up to $570 on an owner’s principle residence.

 

The grant threshold was $1.1 million last year. Homes that fall above the new number may still qualify for a partial reimbursement, especially if the owners are low income. For every $1,000 of assessed value above the threshold, the grant is reduced by $5.

An additional grant of up to $275 is available for senior homeowners aged 65 and above, have disabilities, or receive war-veteran allowances. The northern and rural home owner benefit provides an additional $200 property tax relief to those outside of Metro Vancouver and the Fraser Valley.

That means certain homeowners could qualify to receive back more than $1,000 worth of property taxes.

Additionally, qualified homeowners who are having trouble keeping up with rising property values can defer a portion or all of their property taxes.

The grant is available to both landed immigrants and Canadian citizens who live in B.C.

http://www.vancitybuzz.com/2016/01/homeowner-grant-threshold-raised-2016/