West Side Home Values Increase 41% in 2017: BC Assessment
January 18, 2017
BC Assessment has published its 2017 property value data online and homeowners across Greater Vancouver won’t be surprised to find their residences are being assessed at rates considerably higher than they were a year ago. The property values reflect market value as of July 1, 2016.
The total value of all property in Greater Vancouver has been assessed at $825.2 billion; this is a 29.7% increase from $636.2 billion in 2016. Approximately $11 billion of this increase relates to new construction, subdivision and rezoning.
West Side single family homes have increased in value 41% and West Side strata properties have increased 25%.
“The majority of residential homeowners within the region can expect a significant increase compared with last year’s assessment,” said Jason Grant, an assessor with BC Assessment. “Increases of 30-50% will be typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. Typical strata residential increases throughout these areas will be in the 15-30% range.”
Homeowners are encouraged to contact BC Assessment as soon as possible if they have concerns about the assessed values of their properties. To appeal, they must submit a Notice of Complaint by January 31, 2017.