When it comes to property values in Vancouver, the numbers have generally gone up since last year.
The 2015 B.C. Assessment Roll tracks the property values around the province, and ranks them by region.
The City of Vancouver’s homes are part of the over 323,000 properties assessed in the “Vancouver Sea to Sky Region.” A separate “South Fraser Region” includes other Metro Vancouver communities such as Surrey, Richmond, and Delta.
“Most homes in the Vancouver Sea to Sky Region are worth more in value compared to last year’s assessment roll,” says Dharmesh Sisodraker, Deputy Assessor.
Overall, the Vancouver Sea to Sky region’s assessment roll increased from $374.1 billion last year to $407.1 billion this year. Nearly $5.7 billion was added to the region’s property values through subdivisions, rezoning and new construction.
To help illustrate the trends in property values from 2014 to 2015, the Assessment Roll provides samples of homes of various kinds and sizes in the area.
A single family home on Vancouver’s East side on a 33′ lot that was valued at $892,000 in 2014 was valued at $993,000 in 2015. A two-bedroom apartment on the West side of Vancouver assessed at $573,000 last year is now $616,000 this year.
In the Assessment’s South Fraser region, homes in Richmond, Surrey, Delta, and White Rock all increased in value from 2014 to 2015.
Assessments are the estimate of a property’s market value as of July 1, 2014 and physical condition as of October 31, 2014. Owners receive letters with their property value assessment, and while they do have the option to contest the value, in 2014 99.1% of B.C. property owners accepted their assessment.
You can take a look at all of the 2015 assessment rolls for B.C. here.
Featured image: Raining money/Shutterstock
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