BIV on Vancouver Home Assessments

Vancouver home assessments rise faster on west side

Business In Vancouver, Business Today, Wednesday, 04 January 2012 09:28 – by Glen Korstrom

Home assessments on Vancouver’s West Side rose more than 10 times that of East Vancouver condominiums, according to information released by BC Assessment January 3.
One constant is that virtually all of Vancouver’s 192,000 property owners should expect their 2012 property assessments to be higher than last year.
“Almost all homes in the city are increasing in value compared to last year’s assessment roll,” BC Assessment area assessor Jason Grant said in a statement.
“Most single-family homeowners in Vancouver will see significant increases, in the 10% to 25% range. Strata condominium owners will also see increases, but typically less than 10%.”
Overall, Vancouver’s assessment roll increased to $254 billion in 2012 from $222 billion last year.
The disparity in price growth between west Side single-family homes and East Vancouver apartments is stark.
For example, the price of a West Side single-family dwelling on a 50-foot lot rose an average of 38% to $1,645,000 in 2012 compared with 2011.
An East Vancouver two-bedroom apartment, in contrast, rose in value an average 3.4% to $386,000 between those two years.