If you’re a property owner, the last few days have obviously brought some interesting news. Across the Lower Mainland and the province, assessed values of homes are on the rise. According to BC Assessment, some of the largest increases are up to 25% from last year.
A west side, single family lot in the City of Vancouver saw an average 23% jump in assessed value, and an east side single family lot saw a 28% increase. In the Hamilton area of the City of North Vancouver, a single family lot saw an average increase of 20%.
Overall, the Lower Mainland’s total assessments increased from $546.7 billion in 2015 to $636.2 billion this year. A total of almost $8.3 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. Commercial real estate also saw a jump in assessed values, meaning this is obviously a case of rising tides lifting all boats.
“The 2016 assessments are indicating significant increases from 2015,” says Assessor Jason Grant in the news release. “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.”
Obviously this means higher taxes for homeowners, but it also means property values are going up. This trend continues to show that Vancouver is a city on the rise, with a growing residential and commercial market. We are fast becoming a global city, a destination known around the planet, and it’s more than exciting to watch this metamorphosis from a first-hand perspective.