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

Ready for the festive season

In 1955, Summerland had a dazzling display of holiday lights

South Okanagan Métis step up involvement with school district

The association wants to have more of a role in the inclusion of Métis culture, history in schools

Open houses regarding transit between Penticton and Kelowna

The meetings will be held in Summerland, Princeton, Penticton, Peachland and Osoyoos on Dec. 4 and 5

Third fatality in 24 hours on South Okanagan roads

A vehicle incident closed Highway 3 for five hours Monday night

CONTEST: New year, new you

KimXO has partnered with Black Press Media and Third Space for a brand new contest

Your morning news in 90: Nov. 21, 2018

Tune in for 90 seconds to get the top headlines for the Okanagan, Shuswap and Similkameen.

Postal strike affects charities at critical fundraising time

Canadian fundraising professionals and charities join call for fast resolution

$90,000 pen from space created by B.C man

The Space pen is made from a meteorite

Friendly falcon now in residence at Okanagan raptor rehab centre

A rare prairie falcon caught in Trail will spend the winter at the SORCO Raptor Rehab Centre

B.C. woman fined $2,300 for clocking 215 km/hr in Alberta

It’s the highest fine Alberta police have issued

Watchdog calls for probe into police board spending on former Victoria police chief

Police Complaint Commissioner says accountable and transparent review is in public interest

South Korean named Interpol president in blow to Russia

South Korea’s Kim Jong Yang was elected as Interpol’s president edging out a longtime veteran of Russia’s security services.

E. coli outbreak linked to romaine lettuce sickens 18 people in Ontario, Quebec

The Canadian Food Inspection Agency says it’s working with U.S. authorities to determine the source of the romaine lettuce those who got ill were exposed to.

Trump defies calls to punish crown prince for writer’s death

The U.S. earlier sanctioned 17 Saudi officials suspected of being responsible for or complicit in the Oct. 2 killing, but members of Congress have called for harsher actions, including cancelling arms sales.

Most Read