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

Blues group Angel Forrest Trio at Bozzini’s in Chilliwack

Award-winning band from Quebec performs Nov. 28

District of Kent to implement snow fence pilot project

$8,000 project to help prevent hazardous, drifting snow, and more from Kent council

PHOTOS: Fraser Valley Eagle Festival

Mission photographer Bob Friesen shares some of his images with the Record

PHOTOS: Harrison warms up to Christmas

The Lions Club hosts holiday event for community

11 years sought for Burnaby man who killed girlfriend with hammer, burned her body

Manslaughter sentencing hearing starts Monday in BC Supreme Court in Chilliwack for Ryan Armstrong

VIDEO: B.C. legislature clerk, sergeant at arms suspended for criminal investigation

Clerk of the House Craig James, Sergeant-at-arms Gary Lenz on administrative leave

Former NHL player and coach Dan Maloney dies at 68

Maloney coached the Toronto Maple Leafs and Winnipeg Jets

Ex-MSU president charged with lying to police about Nassar

Lou Anna Simon was charged Tuesday with lying to police during an investigation

Police aim to prevent retaliation after Hells Angel found dead under B.C. bridge

IHIT confirms Chad Wilson, 43, was the victim of a ‘targeted’ homicide

Otter makes a snack out of koi fish in Vancouver Chinese garden

Staff say the otter has eaten at least five fish

Police looking into two more incidents at private Toronto all-boys’ school

Police and the school have said two of the prior incidents involved an alleged sexual assault

B.C. lumber mills struggle with shortage of logs, price slump

Signs of recovery after U.S. market swings, industry executive says

25% of Canadians still won’t say they use pot, survey says

Statistics Canada poll says Canadians on average were 18.9 years old when they first tried pot.

Canucks’ 50/50 jackpot expected to surpass $1 million

The guaranteed prize for one lucky winner will be $500,000 minimum when Vancouver hosts LA Nov 27

Most Read