What’s Your Home Worth? Vancouver Real Estate Values Up 17%: BC Assessment

Joannah Connolly
January 4, 2016

The value of residential real estate in Vancouver over the past year has gone up by 16.96 per cent – far greater than the already-high 9.5 per cent of the previous year but only the fourth steepest increase in BC, according to BC Assessment figures released January 4.

Lions Bay in West Vancouver saw the province’s highest rise, at 17.96 per cent year over year, followed by Squamish at 17.33 per cent and Burnaby at 17.07 per cent.

However, the most expensive properties in the province were to be found on Vancouver’s West Side (see story here about the 2016 roll's top-valued homes).

Across the whole of BC, property values have risen by 11.1 per cent over the year, based on market values as of July 1, 2015.

The differences between northern and southern BC were much more marked than in the previous year, with many northern jurisdictions registering significant declines in property values. The biggest drop was in Tumbler Ridge, where home values fell by a third.

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 2016.

“The 2016 assessments are indicating significant increases from 2015,” said 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.”

Homeowners can expect to receive BC Assessment notices in the mail during this week and next, if they have not already received one of the early-warning notices sent out in December to warn some homeowners of particularly steep increases. 

To see the region-by-region breakdown of property value rises, click here  – and to find out the value of your own property, go to this page and enter your address. 

Joannah Connolly
Joannah Connolly is editorial director of Glacier Real Estate, Glacier Media's real estate division. Joannah writes and curates real estate news for Glacier Media's local newspaper websites, including the Vancouver Courier, North Shore News, Burnaby Now, Tri-City News and others. She also oversees editorial content in Real Estate Weekly Homes, West Coast Condo, Western Investor and Glacier's special real estate publications. A dual Canadian-British citizen, Joannah has 22 years of journalism and editing experience in Vancouver and London, with a background in construction, architecture, healthcare and business media. Joannah has appeared on major local TV outlets as a real estate commentator, has moderated and spoken on various industry panels, and spent two years hosting the Real Estate Therapist radio show on Roundhouse Radio.