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.
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.