Greater Vancouver residential property value update

VANCOUVER, Oct. 15, 2015 /CNW/ - Following a busy spring and summer of real estate activity, single-family detached homeowners in the Greater Vancouver market can expect significant increases when BC Assessment releases the 2016 Assessment Notices in January.

"We have been analyzing the market data and indications are that most Greater Vancouver residential properties continue to increase in value," says Assessor Jason Grant. "Increases of 15 - 25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond, Surrey and Delta. Typical strata residential increases will be in the five to 10 per cent range."

Residential market movement throughout the rest of the province is less dramatic with typical increases in the zero to 10 per cent range.

As in previous years, advance notification letters will be sent in the first week of December to property owners who can expect to see an assessment increase significantly above average within a local taxing jurisdiction (i.e. municipality). 2016 Assessment Notices will be mailed to property owners during the first week of January, reflecting a valuation date of July 1, 2015.

As B.C.'s trusted, go-to provider of property information, BC Assessment collects, monitors and analyzes property data throughout the year.

BC Assessment is a publicly owned Crown corporation that provides property assessments and collects property information for nearly two million properties across the province.

Visit BC Assessment's website at bcassessment.ca to access extensive property information such as the e-valueBC service to check and compare property assessments for anywhere in the province.

Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.     

SOURCE BC Assessment

Media contact: Tim Morrison, Senior Communications Advisor, BC Assessment, Tel. [phone] Ext. 00251, Email: [email protected]