Assessed values of both Vancouver east and west side single-family properties climbed dramatically over the previous year, according to BC Assessment.
It released its annual assessment figures Jan. 4 and it provided a few examples of some individual assessments including one for an East Side, single-family, 33-foot lot, which jumped by 28 per cent from $993,000 last year to $1,267,000 this year, and one for a West Side, single-family, 33-foot lot that rose by 23 per cent from $1,575,000 to $1,940,000.
Assessed values for strata properties didn’t grow nearly as significantly. In one example provided by BC Assessment, a West Side low-rise strata unit increased by eight per cent from $615,000 to $662,000, while the value of an East Side high-rise strata increased six per cent from $381,000 to $405,000.
“The real standout [in Vancouver] this year would be the market movement for single-family properties. You would probably have to go back — if you went back to 1980, there’s probably only two or three other times when single-family properties in Vancouver have moved by this much this quickly,” said Jason Grant, regional assessor for BC Assessment.
