Variation in Vancouver Property Assessments

realtor VancouverThe property assessments for this year in Vancouver are going to show some fairly wide variations.  According to reports, some regions will see a rise in their assessment notices while others will see the assessed value of their properties go down.

Metro Vancouver property owners and regional owners will see areas like Lions Bay residences rise, while Squamish property assessment values dip.

The region known as the Sea to Sky will for instance notice a downward dip in their assessments.  Those home and condo owners in the Squamish area will most likely see a decrease in the value of up to 10%, however others in the area may be pleased with rising prices of up to 5 %.

The valuation date for the British Columbia assessments was July 1 2011.  And while many will be pleased with the news, others will no doubt be disappointed.

In certain areas, including Pemberton and Whistler, property owners may see a dip of up to fifteen percent.  This is a pretty steep fall for condo and home owners in the area.

North Vancouver did however see good numbers.  West Vancouver owners may even see up to a whopping thirty percent increase.

Vancouver’s central homes will also be seeing increasing values.  In the city itself, most owners will see good increases from the previous year.  These should range from between 10-25 percent, depending on the property and the specific area in which it is located.

Property for sale in Vancouver will therefore hold steady in increasing home values.  Realtor Vancouver can be certain to continue selling apace.

Homes for sale Vancouver and condos for sale Vancouver will continue to perform well on the global housing market.  Property owners in Richmond and Burnaby will also be pleased with what looks like fairly good increases in their assessments.

The surge at the beginning of last year that lasted until the early summer will affect the assessments slightly as the reports were calculated on July 1st in the midst of the higher values.  The second part of the year did slow down a little which will not therefore be reflected.

According to Vancouver realtors this all comes as no surprise.  Vancouver realtors and realtors Vancouver groups agree that there was already quite a bit of disparity and variation in the numbers from 2011.

In total, Vancouver’s assessment roll went up from 222 billion dollars in 2011 to 254 billion this year.  West Vancouver alone increased from $26.4 billion to an enormous 30.2 billion in this year’s assessments.

Squamish numbers did decline from 3.92 billion dollars to 3.81 billion this year, which is obviously bad news to Squamish residents.

Nevertheless, homes for sale Vancouver and condos for sale Vancouver continue to be sought out by both domestic and foreign investors.  Some areas, like the West side are obviously top of the list.

A west side home for instance saw its assessed value go from 1.19 million dollars to 1.645 million.  Even east side properties saw a significant rise with some going from 816,000 dollars to 1.03 million over the course of the year.

Fraser valley homes tended to remain stable over the period.

Percentage wise, the numbers are as follows.  Residential properties in Surrey were up 7.9%; in Vancouver proper 16.4 percent, 16.5 percent in Richmond; New Westminster saw a rise of 5.2%; 12.2% in Burnaby and 5.1% in North Vancouver.  Coquitlam saw a 6.9 percent rise, while West Vancouver saw a 15.9% increase.

On the flip side, Squamish saw a 1.9 percentage point dip, Lions Bay a 5% dip and Whistler and Sechelt a 6.2% and 3.2% respectively.

According to Vancouver realtors while activity did pick up at the end of 2011, the reports haven’t reflected this quite yet.  Nevertheless, realtors Vancouver admit that there has been a drop in American buyers in the area.

Overall the number of assessed properties on the rolls in British Columbia is 1,917,394.  This is a 0.75% rise from the 2011 totals.

The value of all real estate on the roll is counted at 1.1 trillion dollars.  This is a 6.42 % increase over the previous years’ values.

For most, the assessments bring good news.  For buyers looking for property for sale Vancouver some prices may have risen but there remain good areas to buy in that are more affordable this year than last.

This entry was posted in BC Real Estate, Vancouver Condos, Vancouver Homes, Vancouver Homes for Sale, Vancouver Housing Market, Vancouver Real Estate, Vancouver Realtors and tagged , , , . Bookmark the permalink.

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