Great Vancouver property assessments surge

Posted on January 23rd, 2017

Property owners received their 2017 assessment notices the first week of January.

The District of Squamish saw the greatest increase in Metro Vancouver with a 47% increase for detached homes. North Vancouver’s Lynn Valley and Burnaby’s Buckingham neighbourhoods were close behind, with detached homes increasing 46%.

Sample Property Value Changes year over year, by neighbourhood
Location 2017

Assessment Roll

(Valuation date of July 1, 2016)

2016

Assessment Roll

(Valuation date of July 1, 2015)

$

Change

%

Change

Burnaby (Metrotown strata high-rise) $608,000 $511,000 $97,000 +19%
Burnaby (Buckingham, detached) $2,726,000 $1,862,000 $864,000 +46%
Coquitlam (Central, detached) $1,325,000 $1,000,000 $325,000 +33%
Ladner $967,000 $675,000 $292,000 +43%
Maple Ridge West (detached) $735,000 $566,000 $169,000 +30%
Maple Ridge (townhouse) $341,000 $265,000 $76,000 +33%
New Westminster (Sapperton, detached) $1,132,000 $909,000 $223,000 +25%
New Westminster (Downtown strata townhouse) $587,000 $431,000 $156,000 +36%
North Vancouver, District (Lynn Valley, detached) $1,640,000 $1,126,700 $513,300 +46%
Pitt Meadows (detached) $783,000 $587,000 $196,000 +33%
Port Coquitlam (Lincoln Park, detached) $848,000 $620,000 $228,000 +37%
Port Moody (Newport, strata low rise) $493,000 $394,000 $99,000 +25%
Richmond (Strata) $371.000 $301,000 $70,000 23%
Richmond (South, detached) $1,486,000 $1,081,000 $405,000 +37%
Squamish (Downtown, detached) $636,000 $432,000 $204,000 +47%
Vancouver (East side, detached, 33’ lot) $1,338,900 $947,300 $391,600 +41%
Vancouver (East side, strata low rise) $827,000 $662,000 $165,000 +25%
Vancouver (West side, detached 33’ lot) $2,740,300 $1,940,800 $799,500 +41%
Vancouver (West side, strata low rise) $827,000 $662,000 $165,000 +25%
West Vancouver (Ambleside, detached) $2,740,300 $2,144,000 $596,300 +41%
Whistler (Blackcomb Benchlands, strata townhouse) $896,000 $703,000 $193,000 +27%

Source: BC Assessment

Additional examples may be found in this BCA news release.

Did you know?

  • Total value of real estate on the 2017 BC assessment roll is $1.67 trillion, an increase of 25 per cent from 2016.
  • In BC, 88% of all properties are classified with some residential component (class 1), equating to $1.29 trillion.
  • Changes in property assessment reflect movement in the local real estate market and can vary greatly from property to property.
  • Real estate sales determine a property’s value which is reported annually by BCA.
  • BCA’s assessment roll provides the foundation for local and provincial taxing authorities to raise $7 billion in property taxes each year which funds community services including the school system.