Our Sneek Peek: BC Assessment Significant 2016 Value/Tax Inceases 

(December 08, 2015 )

THE BC HOME HUNTER GROUP METRO VANCOUVER I FRASER VALLEY I BC URBAN & SUBURBAN REAL ESTATE SALES Look for our trademarkedIf your a client of The BC Home Hunter Group or one of our many industry partners your already very well briefed in all areas of our Metro Vancouver, Fraser Valley and BC real estate markets. 

Hence our sneek peek of the BC Assessment role call and valuation increases will come as no surprise. The tax and spend mayors of these jurisdictions must indeed be smiling all the way to the bank, eagerly anticipating what to spend your money on! As our team has already forecast, look for more of the same in select areas for 2016 and 2017.

Following an extremely "active" year in which residential values continued to climb, many property owners across the Greater Vancouver region can expect their 2016 property assessments to increase notably more than the average and, therefore, are currently receiving an early notification from BC Assessment.

"The recently finalized 2016 assessments are indicating significant increases from 2015," says Assessor Jason Grant. "Increases of 15-25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond and Surrey. Typical strata residential increases will be in the five to 10 per cent range."THE BC HOME HUNTER GROUP METRO VANCOUVER I FRASER VALLEY I BC URBAN & SUBURBAN REAL ESTATE SALES Look for our trademarked

The following table provides examples of single-family home assessment increases in a sample of Greater Vancouver communities. These are actual individual assessment examples and are not an average. Note that a more extensive list will be released by The BC Home Hunter Group on January 4, 2016, feel free to request an email notification and details for that list, sold@bchomehunter.com.

Municipality / Neighbourhood
(Year Built)
2015
Assessment Roll
(market value as
of July 1, 2014)
2016
Assessment Roll
(market value as
of July 1, 2015
Percentage
Change in Value
(2016 vs. 2015)

City of Vancouver
West Side Single-Family-33' Lot, 1964
$1,575,000
$1,940,000
+23%
East Side Single-Family-33' Lot, 1983
$993,000
$1,267,000
+28%

District of North Vancouver
Blueridge Single-Family, 1961
$895,000
$1,063,000
+19%
Lynn Valley Single-Family, 1971
$993,000
$1, 126,000
+13%

District of West Vancouver
Ambleside Single-Family, 1948
$1,856,000
$2,144,000
+16%
Waterfront Single-Family, 1967
$3,542,000
$4,380,000
+24%

Burnaby
Capitol Hill Single-Family,1946
$760,000
$936,000
+23%
Buckingham Single-Family, 1971
$1,470,000
$1,862,000
+27%

Coquitlam
Central Coquitlam Single-Family, 1980's
$852,000
$1,000,000
+17%
Westwood Plateau Single-Family, 1992
$848,000
$1,021,000
+20%

Richmond
West Richmond Single-Family, 1956
$1,655,000
$1,863,000
+13%
Steveston Single-Family, 1972
$852,000
$1,024,000
+20%

Surrey
South Surrey Single-Family, 1981
$716,000
$790,000
+10%
Fleetwood Single-Family, 1983
$514,000
$573,000
+11%

In addition to residential homes, increases for commercial and industrial properties in close proximity to Vancouver will see increases in the 10-25 per cent range. Commercial properties being purchased for eventual redevelopment will often exceed these ranges.THE BC HOME HUNTER GROUP METRO VANCOUVER I FRASER VALLEY I BC URBAN & SUBURBAN REAL ESTATE SALES Look for our trademarked

Residential real estate market movement throughout the rest of the province is less dramatic with typical increases in the zero to 10 per cent range.

Early Notifications to Impacted Property Owners:

"Across the province, we have just issued about 37,000 early notification letters, with almost two thirds of those going to Greater Vancouver property owners. Early notification letters are mailed to property owners who can expect an increase of at least 15 per cent above the average increase in their local taxing jurisdiction." 
"We want to ensure impacted property owners are aware of the significant increases and we welcome them to contact us if they have any questions or concerns."

New assessments for all properties will be released on January 4, 2016, and all 2016 Assessment Notices will be mailed to property owners during the first week of January.THE BC HOME HUNTER GROUP METRO VANCOUVER I FRASER VALLEY I BC URBAN & SUBURBAN REAL ESTATE SALES Look for our trademarked

"The market for single family homes between July 1 and the end of November has continued to rise dramatically, so property owners should be reminded that their 2016 assessments are based on the market value as of July 1, 2015."

As B.C.'s trusted, go-to provider of property information, BC Assessment collects, monitors and analyzes property data throughout the year. BC Assessment is a Crown corporation that provides property assessments and collects property information for nearly two million properties across the province.

Whatever direction you or anyone you know are moving in don't hesitate to call, text or email Mandeep, Robert and our passionate team of real estate experts at The BC Home Hunter Group anytime, 604-767-6736. We definatley sell real estate differently from all the rest and we are most definatley looking out for you.THE BC HOME HUNTER GROUP METRO VANCOUVER I FRASER VALLEY I BC URBAN & SUBURBAN REAL ESTATE SALES Look for our trademarked

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