Greater Vancouver property values have increased 29.7 per cent year over year, according to the 2017 BC Assessment roll released January 3, and stand at a total value of $825.2 billion as of July 2016.
The growth rate over the past year is much higher than the 16.96 per cent annual increase cited one year ago, which was itself a huge leap from the 9.5 per cent of the year before. However, as the latest assessments date from July 2016, which was close to the peak of 2016’s hot market, they do not take into account any price declines seen in some areas and property types since the summer.
Most of the value increase was once again seen in detached homes, which rose between 20 and 50 per cent compared with one year previously. Typical 33-foot-lot detached homes on both the West Side and the East Side of Vancouver have increased by 41 per cent year over year.
“The majority of residential home owners within the region can expect a significant increase compared to last year’s assessment,” said assessor Jason Grant in a media statement. “Increases of 30 to 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.”
Some of the steepest increases in property values, however, were outside of Greater Vancouver’s most expensive neighbourhoods. Some detached homes in downtown Squamish were cited as rising 47 per cent in value compared with the previous year, and typical single-family homes in both Burnaby’s Buckingham neighbourhood and in North Vancouver’s Lynn Valley were up 46 per cent.
Property values across the Fraser Valley increased even more steeply than those of Greater Vancouver, by nearly 34 per cent to $430.1 billion, from $321.1 billion one year previously.
Despite this, the province’s most expensive individual properties were, as ever, found on Vancouver’s West Side, with Chip Wilson’s home topping the list again.
The detached house at 3085 Point Grey Road in Kitsilano, built for and owned by the Lululemon co-founder, has been valued as BC’s most valuable property for the fourth year in a row, rising to $75.8 million from $63.87 million the previous year. The home has been the most expensive property in BC ever since it was completed five years ago.
Across the whole of BC, property values have risen around 25 per cent, now totalling nearly $1.68 trillion in value. Significant new construction has pushed the total number of residential properties above the two million mark for the first time.
Homeowners can expect to receive their BC Assessment notice in the mail during this week and next week, if they have not already received one of the early notices sent out in December.
“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,” said 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 31 for an independent review.”
To find out the value of your own home and that of other individual properties, go to this BC Assessment page and enter the address.