Property value sag shows up in some assessments

Modest changes reported for Metro Vancouver home prices

Connie Fair



Some Metro Vancouver homeowners are seeing a modest drop in their assessed property value for 2013.

But officials at BC Assessment say the changes generally are not large.

Drops of as much as five per cent and gains of up to 10 per cent are typical for single detached houses in Surrey, Burnaby and the Tri-Cities, as well as many other parts of the region.

White Rock was one of the areas where drops were more likely, with changes tending to range from negative 10 to plus five per cent, according to the assessment authority.

Significant decreases were also more common in Whistler, Pemberton, the Sunshine Coast and Bowen Island.

“For the first time in many years a significant number of properties in the region are actually decreasing in value,” assessor Jason Gratl said of Vancouver Sea-to-Sky region changes.

Many homes on Vancouver’s west side and in Richmond are also down slightly, after gains of as much as 30 per cent a year earlier.

Strata condos and townhomes in Metro Vancouver were susceptible to wider swings, with drops of as much as 10 per cent and gains of 10 per cent typical.

But most Fraser Valley home owners, including Langley and Maple Ridge, are seeing minimal changes, according to assessors.

The numbers vary considerably depending on neighbourhoods, property type, age and other localized factors.

Stronger gains of up to 20 per cent were reported for commercial and industrial properties in the Tri-Cities and Burnaby’s Kingsway corridor saw gains of 20 to 30 per cent for commercial property.

Assessments are considered a snapshot of the property value as of July 1, 2012, which predates some of the recent decline in Lower Mainland real estate markets.

The property assessments are being mailed out this week.

But owners can also check their assessments online at  bcassessment.ca (click on e-ValueBC) and compare with others in their neighbourhood to decide if they wish to file an appeal by Jan. 31.

Appeal requests go to independent property assessment review panels that convene in February.

Changes in the property tax payable depends on the actual tax rate to be set by each local municipality, so a home that’s assessed five per cent higher might not pay any more in tax if the average assessment in the city rose 10 per cent and the local council sets its rate to generate a modest gain in tax revenue.

The total assessed value of real estate in B.C. rose 2.3 per cent from a year ago.

Most cities are seeing gains of around 1.5 per cent in their assessment rolls from new construction, expanding their tax base.

 

Just Posted

WATCH: Brother of missing Hope woman makes emotional appeal for more media attention

Next search for Shawnee Inyallie Nov. 18 along Highway 1 towards Boston Bar

Gas price drop expected to hit Fraser Valley today

Analyst says to take advantage, warns slight increase may follow

Chilliwack teen to take on the world after winning Canadian junior dog-handling national championship

Chilliwack’s Kayla Penney is heading to Crufts to compete for her first international title

Country talent Petunia returns to Bozzini’s in Chilliwack Saturday

Petunia, performing Nov. 17, is referred to as ‘The Savior of Country Music’

VIDEO: People with diabetes meet their alert dogs

A diabetic alert dog is trained to detect low blood sugar in people who have Type 1 diabetes

Hunter who saved B.C. man pinned inside smashed truck says ‘God was sending me to him’

Sayward man describes chance discovery of Duncan Moffat, 23, in northern Vancouver Island woods

Road-weary Canucks thumped 6-2 by Wild

Vancouver hosts the Montreal Canadiens on Saturday

Toronto private school didn’t report alleged sexual assault to police

Police say a sexual assault at an all-boys Catholic institution was not reported to them

China says butt out; Canada calls for release of “arbitrarily” detained Muslims

A Chinese foreign ministry spokeswoman accused Canada’s envoy of going beyond their diplomatic roles

Dead Saskatoon tattoo artist’s skin removed and preserved

The skin was removed in honour of the well known artist’s work

Metro Vancouver mayors cancel Surrey LRT in favour of SkyTrain

TransLink will immediately suspend work on light rail

Lower Mainland couple missing in Thompson-Okanagan area

Barriere RCMP received a missing persons report for two senior overdue travellers

Vancouver Warriors cancel first 2 weeks of season as labour dispute continues

The announcement means games scheduled for Dec. 1 and Dec. 8 will no longer be played

Most Read