The value of residential real estate in Vancouver has risen by 9.48 per cent over the past 12 months – the second largest increase of any area in the province, according to the 2015 BC Assessment Roll released January 2.
The total value of homes in the city rose $18,080,317,824 to $208,883,582,499 in the latest property tax assessment figures.
Elsewhere in the province, Northwest BC saw by far the largest increase in total residential property values, rising 20.73 per cent year over year.
The only area in BC to register a decrease in residential values was Nelson/Trail, where assessment values have dropped 0.2 per cent.
All other areas of the Lower Mainland saw strong increases in BC Assessment values for residential properties, with the North Shore/Squamish Valley area rising 6.7 per cent, North Fraser 6.6 per cent, Richmond/Delta 5.7 per cent, Surrey/White Rock 4.9 per cent and the Fraser Valley 4 per cent.
In terms of what this means for property taxes, most home owners in what BC Assessment defines as the Vancouver Sea-to-Sky region (Vancouver, North and West Vancouver, Squamish, Whistler, Pemberton, Bowen Island and the Sunshine Coast) can expect increases in 2015.
“Most homes in the Vancouver Sea to Sky region are worth more in value compared to last year’s assessment roll,” said Dharmesh Sisodraker, deputy assessor at BC Assessment. “Most home owners in Vancouver Sea to Sky region will see changes up to +15%.”
The City of Surrey has already announced a $162 property tax increase for an average home, and Vancouver is looking at a similar increase, according to a Canadian Taxpayers’ Federation statement released December 29.
Homeowners can expect to receive their property tax notices in the next few days, if they have not received them already.
Sisodraker added, “Property owners who feel that their property assessment does not reflect market value as of July 1, 2014, or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.”
More information on the 2015 BC Assessment Roll can be found here.