B.C. property value near $1 trillion

Property values stayed stable in most parts of B.C., with large increases in areas with high demand from Asian buyers.

Construction and new developments have added $14.69 billion to the total value of real estate in B.C.

VICTORIA – B.C.’s total real estate value increased by 6.54 per cent to $964 billion, according to 2012 values released Tuesday by BC Assessment.

New construction and development accounted for $14.69 billion of the added value, with the rest coming from assessment increases in parts of the province. More than two million assessment notices are being mailed this month, leaving time for an appeal period before property taxes are assessed.

The province has also raised the eligibility threshold for the homeowners’ grant. Homes worth up to $1.285 million may be eligible to receive the entire homeowners’ grant this year, as a result of an annual review to make sure at least 95.5 per cent of eligible homeowners receive the full amount.

Values stayed mainly stable in the Fraser Valley for residential homes and strata properties. Total assessed value for the region’s 187,000 properties rose from $85.9 billion last year to $88 billion this year, mostly due to subdivisions, rezoning and new construction. Fraser Valley commercial and industrial properties have seen increases between zero and 20 per cent.

North Fraser, from Burnaby to Port Coquitlam, saw increased values on average, with pockets of increases in the 15 to 25 per cent range. South Fraser properties were also up on average in Surrey and White Rock, with Delta values holding steady and increases of up to 30 per cent for some areas of Richmond.

Single-family homes in West Vancouver also increased in a range of 15 to 30 per cent over last year, with demand fuelled by buyers from Asia. Single-family homes in North Vancouver are up on five to 10 per cent on average, with condominiums up less than five per cent.

In Greater Victoria, the 144,000 registered properties held steady on average. Most homeowners in the region will see a range from a five-per-cent increase to a two-per-cent decline.  Values are stable or down slightly in the North Island, and holding steady in the Comox and Nanaimo regions.

Assessments in the Castlegar area are down slightly for a typical single family home in the urban area, from $265,000 in 2011 to $261,000 in 2012. Nearly $30 million in subdivisions, rezoning and new construction brought the total assessment for the area up slightly to $963 million.

Property values for the northwest region including Terrace and Prince Rupert were up on average, with increases ranging from zero to 10 per cent. Similar increases were recorded in Smithers, Hazelton and Telkwa.

Central Okanagan values ranged between steady and down five per cent. In the North Okanagan, average values declined between zero and 10 per cent, while South Okanagan values were in a range of five per cent decrease to five per cent increase.

Summaries for each region and values of individual properties can be viewed here.

Just Posted

Teck announces roll out of electric buses for Elk Valley operations

Hon. Michelle Mungall says it’s great to see Teck taking action on climate change

Morrison wins Kootenay-Columbia for Conservative Party

Unofficial results peg 28,495 votes for Morrison with 98 per cent of polls reporting Monday evening

UPDATE: Morrison wins Kootenay-Columbia by more than 7,000 votes

Elections Canada is reporting a 72% voter turnout

Trudeau has won the most seats — but not a majority. What happens next?

Trudeau will have to deal with some of the implications of Monday’s result

LIVE MAP: Results in Canada’s 2019 federal election

Polls are now closed across the country

Scheer says Canada more divided than ever, as NDP and Bloc hold cards close

While Liberals were shut out of two key prairie provinces, they took two-thirds of the seats in Ontario

Horvat’s hat trick lifts Canucks to 5-2 win over Red Wings

First career three-goal game for Vancouver captain

Saanich Gulf-Islands’s Elizabeth May coy about leadership plans

The federal Green party leader talks possibility of running as MP without being leader

Estheticians can’t be forced to wax male genitals, B.C. tribunal rules

Langley transgender woman Jessica Yaniv was ordered to pay three salon owners $2,000 each

Two youth arrested in UBC carjacking at gunpoint, after being spotted in stolen Kia

‘A great deal of credit is due the alert person who called us,’ said North Vancouver Sgt. Peter DeVries

People’s Party of Canada’s anti-immigration views ‘didn’t resonate’ with voters: prof

Party was formed on anti-immigration, climate denying views in 2018

Windstorm knocks out power for 10,000 in north and central B.C.

Power slowly being restored, BC Hydro says

Investor alert: ‘Split games’ pyramid scheme circulating in B.C.

British Columbia Securities Commission issues warning about scheme selling virtual shares

Federal NDP may support B.C. with major projects, Carole James says

SkyTrain Surrey extension, Massey Tunnel need Ottawa’s help

Most Read