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%.
Other neighbourhoods where sample assessment values grew over 20% included the Hamilton area in North Vancouver, the West Vancouver waterfront, Garibaldi Highlands in Squamish, Capitol Hill and Buckingham in Burnaby, and Westwood Plateau in Coquitlam.
“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.
“Property owners can find detailed property 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, 2015 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Grant.
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.