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.

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

An example of the forest land in the Port Renfrew and Fairy Creek area of Vancouver Island is shown on May 11, 2021. THE CANADIAN PRESS/Jen Osborne
Old-growth logging opponents launch hunger strike as arrests continue at Fairy Creek

Zain Haq says the hunger strikers will gather today at Burrard Street in downtown Vancouver

The City of Victoria is hoping to ring in the summer by celebrating local art and offering some distanced, live music to surprise people in parks, plazas and other public spaces. (Photo courtesy of the City of Victoria)
Live, pop-up concerts and local art being showcased in Victoria this summer

People will see surprise serenades at 16 locations throughout the summer

An example of the forest land in the Port Renfrew and Fairy Creek area of Vancouver Island is shown on May 11, 2021. THE CANADIAN PRESS/Jen Osborne
Old-growth logging opponents launch hunger strike as arrests continue at Fairy Creek

Zain Haq says the hunger strikers will gather today at Burrard Street in downtown Vancouver

Jada Benwell and Connor Larkey are the valedictorians of the 2021 graduating class at Parkland Secondary School. (Wolf Depner/News Staff)
Pandemic taught lessons in perseverance for North Saanich high schoolers

Parkland Secondary School to release 2021 grad ceremony video on June 25

The 14th annual Oak Bay Young Exceptional Star (YES) awards June 3. (Christine van Reeuwyk/News Staff)
Oak Bay celebrates its Young Exceptional Stars with outdoor award ceremony

Nine young people recognized in 14th annual awards

Canadian Prime Minister Justin Trudeau participates in a plenary session at the G7 Summit in Carbis Bay, England on Friday June 11, 2021. THE CANADIAN PRESS/Adrian Wyld
Canada donating 13M surplus COVID-19 vaccine doses to poor countries

Trudeau says the government will pay for 87 million shots to be distributed to poor countries

Premier John Horgan speaks as provincial health officer Dr. Bonnie Henry, right, and health minister Adrian Dix look on during a press conference to update on the province’s fall pandemic preparedness plan during a press conference from the press theatre at Legislature in Victoria, Wednesday, Sept. 9, 2020. THE CANADIAN PRESS/Chad Hipolito
B.C. officials to provide details on Step 2 of COVID reopening plan Monday

Step 2 could allow for larger gatherings and a resumption of recreational travel

Indigenous Services Minister Marc Miller is seen during a news conference, Wednesday May 19, 2021 in Ottawa. THE CANADIAN PRESS/Adrian Wyld
Indigenous child-welfare battle heads to court despite calls for Ottawa to drop cases

Feds are poised to argue against two Canadian Human Rights Tribunal rulings

The Great Ogopogo Bathtub Race has been held in Summerland as a fundraising event. Do you know which Canadian city introduced this sport? (Black Press file photo)
QUIZ: A summer’s day at the water

How much do you know about boats, lakes and water?

Two-year-old Ivy McLeod laughs while playing with Lucky the puppy outside their Chilliwack home on Thursday, June 10, 2021. (Jenna Hauck/ Chilliwack Progress)
VIDEO: B.C. family finds ‘perfect’ puppy with limb difference for 2-year-old Ivy

Ivy has special bond with Lucky the puppy who was also born with limb difference

A million-dollar ticket was sold to an individual in Vernon from the Lotto Max draw Friday, June 11, 2021. (Photo courtesy of BCLC)
Lottery ticket worth $1 million sold in Vernon

One lucky individual holds one of 20 tickets worth $1 million from Friday’s Lotto Max draw

“65 years, I’ve carried the stories in my mind and live it every day,” says Jack Kruger. (Athena Bonneau)
‘Maybe this time they will listen’: Survivor shares stories from B.C. residential school

Jack Kruger, living in Syilx territory, wasn’t surprised by news of 215 children’s remains found on the grounds of the former Kamloops Indian Residential School

A logging truck carries its load down the Elaho Valley near in Squamish, B.C. in this file photo. THE CANADIAN PRESS/Chuck Stoody
Squamish Nation calls for old-growth logging moratorium in its territory

The nation says 44% of old-growth forests in its 6,900-square kilometre territory are protected while the rest remain at risk

Most Read