Highest increase in assessed home values......

East Vancouver home owners can expect biggest assessment increases

Owners of single-family houses in East Vancouver can expect some of the biggest increases in the assessed value of their homes for 2016.

Photograph by: Gerry Kahrmann , PNG

Owners of single-family houses in East Vancouver can expect some of the biggest increases in the assessed value of their homes for 2016.

Annual assessment notices from BC Assessment were in the mail Monday morning, and homeowners in many parts of Metro Vancouver can expect increases as high as 25 per cent on detached homes, according to Assessor Jason Grant.

“Increases of 15-25 per cent will be typical for single-family homes in Vancouver, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish,” Grant said in a news release.

“Typical strata residential increases throughout the region will be in the five to 10 per cent range.”

The release gives examples of homes in each city, including a home on the east side of Vancouver valued at $1.575 million last year that has now been assessed at $1.94 million — a jump of 28 per cent. The west side example increased in value by 23 per cent.

Over in the Fraser Valley region, which includes Richmond, Delta, Surrey, White Rock, and every thing to the east, assessment increases are a bit more modest.

“Properties in South Delta and parts of Richmond will generally see the highest per cent increase within the region,” Grant said.

Urban areas in the Fraser Valley can expect increases of between five and 25 per cent. An example home in south Richmond saw a jump of 20 per cent, whereas the value of a house in east Richmond only rose by eight per cent.

Assessment increases are less dramatic in Whistler, Pemberton and the Sunshine Coast, where values have typically risen by between zero and 15 per cent.

Commercial and industrial properties near Vancouver are also seeing big increases of 10-20 per cent, or even higher for properties being bought with redevelopment in mind.

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