B.C. Assessment Values
The CBC is reporting that B.C. property assessments have spiked up to 30% in Vancouver. Assessor Jason Grant said in a written statement, "The 2016 assessments are indicating significant increases from 2015... Increases of 15-25% will be typical for single-family homes in Vancouver, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish."
In Greater Vancouver alone, total assessments increased to $636.2 billion, an increase of about 16% from the year before.
The municipalities with the largest increases in property values were as follows:
- Lions Bay: 17.96%
- Squamish: 17.33%
- Burnaby: 17.01%
- West Vancouver 16.9%
- Vancouver: 16.84%
TheÂ province-wide assessmentsÂ reflect the market value of the properties as of July 1, 2015.Â Anyone can search the value of their property by usingÂ B.C. Assessment's e-Value B.C. tool
. Â The CBC recommends that homeowners who disagree with their property's appraisalÂ should contact B.C. Assessment by the end of January.
Home Value Increases
According to an article in the Globe and Mail, Greater Vancouver has seen record prices for detached homes
with the average price for single-family detached houses increasing by 22.5% over the past year in Greater Vancouver, reaching a record $1.65-million last month and producing a gain of nearly $303,000 on paper.
A big driver is that more buyers are chasing fewer listings. In December 2015, there were 6,024 listings of detached houses, townhouses and condos on the Multiple Listing Service (MLS) in Greater Vancouver, down 41.6% from December, 2014. Total sales climbed 33.6% over the past year to 2,827 last month, according to the Real Estate Board of Greater Vancouver (REAGV). For the full 12 months of 2015, there were a record 42,326 sales of all housing types.
The market is hottest within the city of Vancouver, where the median price last month for detached houses reached $3.2-million on the west side and $1.36-million on the east side â€“ both record highs. On the west side, thatâ€™s up $542,500 or 20.4% over the past year, while on the east side, the jump is about $328,500 or 31.7%.
The regionâ€™s real estate market has been generally on an upward trajectory for 15 years, although there were dips during the 2008-09 recession and from mid-2012 to mid-2013. Since the summer of 2013, Greater Vancouverâ€™s housing market has been on a growing significantly.
Prices in Greater Vancouver have surged more than 10% since the B.C. Assessment conducted its valuations of properties on July 1, 2015, meaning assessment notices being mailed out this week are already well below market values.