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

After 30 years, Agassiz’s Miss Marge set to retire from Variety Play

From 1989 to today, Miss Marge has taken generations of kids through the district play program

RCMP believe Missing Hope teenager was headed to Chilliwack

Keely Reeze Loewen, 18, last in contact with a family member on June 13

Summer service by bus from Chilliwack to Cultus Lake starting soon

Seasonal change will see bus service from Vedder Road to Cultus elementary until Labour Day

Chilliwack trustees divided on Trans Mountain pipeline route near two schools

School district will pen letter to NEB to ask for re-routing away from schools to be considered

Agassiz RCMP finally able to get outdoor picnic table

Funds from Harrison and Kent will allow the detachment to purchase the outdoor seating area

VIDEO: Reading splashes into Agassiz’s Ferny Coombe Pool

The Agassiz Library held its annual Reading in the Pool event Friday, June 14

Victoria double murder trial: Blood splatter analyst found no shoe prints on scene

RCMP analyst testifies to smears, fingermarks, ‘swipe and wipe’ patterns around apartment

B.C. teen killed by falling tree near Victoria

Second youth also injured in freak incident during field trip at Camp Barnard near Sooke

Elias Pettersson wins Calder Trophy as NHL’s top rookie

Vancouver forward first Canuck to win award since Pavel Bure in 1992

FVRD chair calls B.C. incineration plan for Philippines waste ‘disturbing’

Metro Vancouver ‘uniquely capable’ of safely disposing of waste coming back to Canada, say officials

VIDEO: Acknowledging skeptics, finance minister vows to build Trans Mountain project

Bill Morneau said he recognizes ‘huge amount of anxiety’ in Calgary over future of oil and gas sector

Channel your inner pirate in epic Canada-wide treasure hunt

200 treasure chests hidden among trails and waterways, lots of prizes to be claimed

Shovels could be in the ground on Trans Mountain by September, CEO says

Ian Anderson points to weeks likely required for NEB to reinstate 2016 regulatory record

Scorpion gives birth after hitching ride in B.C. woman’s luggage

A Vancouver woman inadvertently brought the animal home from a trip to Cuba

Most Read