Slight Decline in BC Property Assessments 2013

January 6, 2013 in Market News, Vancouver Real Estate News

We will soon be receiving our property assessments through the mail in BC.

This year may be the first for many that their property assessment has declined, if we examine the city of Vancouver, and plotted a 10 year period of the values from 2002 to 2012, then you would see a pretty steep curve, apart from a brief blip in 2008 when values fell for a short time. Since then, assessed valuations have flattened off.

Some residents in 2012 saw their Vancouver Homes, West Vancouver Real Estate and properties in Richmond and Burnaby rise by as much as 30%. Other areas like Whistler, Pemberton and Squamish saw declines of between 10 and 15%.

Some specific examples from different areas around Vancouver:

Vancouver West Side BC Assessment 2013

Lets take a 50 foot, single family lot on the west side. 2012 assessment was at $1,645,400. This year, for 2013 it comes in at $1,622,900 representing a 1.3% drop.

Looking at a 33ft lot, again on the west side comes in this year at $1,256,200 compared to $1,329,600 which is a 5.8% drop year on year.

Vancouver East Property Assessment

If we move over to the east side, then a 33 ft lot that was assessed at $1,031,300 last year comes in at $1,081,700 this year, which is an increase of 4.9%.

Whistler Real Estate Assessment

If we look at Whistler, specifically at an example in the Alpine Meadows that was assessed last year at $2,252,000 it suggested at $2,145,000 this year, which is a 4.8% drop.

In the village a 2 bedroom condo that last year was assessed at $491,000 this year is at $429,000 which is a 12.6% decline.

BC Property Assessment Map

The map below shows the average change in assessed prices from 2012 to 2013. The darker the color the more that city’s assessment has increased. Courtesy of the Vancouver Sun.

4.95%+

3.55%-4.61%

3.04%-3.28%

0%-2.21%

Drop in value

Priciest Homes in Vancouver & The Fraser Valley

Check out the map below and see the most expensive homes according to the BC Assessments for 2013. It shows the 100 most valuable residential properties. Red dots are homes worth more than $10m. Yellow are $4m-$10m. Green: $2m-$4m and blue less than $2m. Courtesy of the Vancouver Sun

Over $10m

$4m-10m

$2m-4m

under $2m

Of course, Vancouver BC Property Assessments are not always a great indicator of exact value of a property. We sell many properties above assessed value, and some sell for less, depending upon the area. It’s important to remember that Real Estate in Vancouver is very localized, and using general averages is not always the best way to determine value.

Give me a call to discuss your latest property assessment if you are considering selling your property. Adam Chahl – +1 778 385 6141.