Typically an exercise in abject frustration and sadness, this year’s press release from the B.C. Assessment Authority contains terms like “softening,” “modest change” and “moderation.”
Indeed, the Vancouver housing market appears to have cooled off ever so slightly, as the report issued Jan. 2 notes an average four per cent drop in the assessed value of single-family homes across the city.
Homes assessed on July 1, 2017 were typically in the range of $1.82 million, while numbers from July 1, 2018 sat at $1.75 million.
“The majority of residential home owners within the region can expect a modest change compared to last year’s assessment,” deputy assessor Keith MacLean-Talbot said in a news release. “The single family home market saw slight increases or decreases depending on the municipality.”
Those prices jump dramatically in the University Endowment Lands: 2017 assessments averaged around $6.66 million, while the 2018 numbers clocked in at a paltry $5.9 million. It’s an average downward shift of 11 per cent.
The numbers contained in the report reflect assessed values as of July 1, 2018 and the physical condition of that property as of Oct. 31, 2018. Assessments are arrived at via number of metrics: current sales in the area, property size, age, quality, condition, view and location.
Assessments for condos and strata properties in Vancouver could see a six per cent increase in assessment, jumping from an average of $700,000 to $740,000. That shift is significantly lower than anticipated increases in neighbouring municipalities such as Port Coquitlam (16 per cent), New Westminster (14 per cent), Coquitlam (13 per cent) and Burnaby (12 per cent).
As was the case over the last two years, there are massive fluctuations in the commercial and industrial sectors across Metro Vancouver. Assessments in those two areas could see upward swings in assessment in the range of 45 to 55 per cent.
As for the top 10 priciest properties in the region, Vancouver once again rules the roost with all 10 entries found within the city limits.
Shaughnessy, Kitsilano and Point Grey account for almost every property listed in the top 40, with a few smatterings from Coal Harbour, West Vancouver and the University Endowment Lands.
Lululemon founder Chip Wilson’s property sits atop the list again, with his Point Grey Road property assessed at $73.1 million. The property’s assessed value last year was $78.8 million.
Outside of Wilson, folks living on Belmont Avenue near Spanish Banks appear to be doing pretty well in particular.
The following properties round out the top 10 and feature little, if any, deviation from last year’s list.
* 4707 Belmont Ave., Vancouver — $65,466,000
* 4719 Belmont Ave., Vancouver — $41,203,000
* 2815 Point Grey Rd., Vancouver — $39,961,000
* 4743 Belmont Ave., Vancouver — $37,724,000
* 4773 Belmont Ave., Vancouver — $35,880,000
* 4857 Belmont Ave., Vancouver — $35,621,000
* 3489 Osler St., Vancouver — $35,157,000
* 2999 Point Grey Rd., Vancouver— $35,012,000
* 1388 The Crescent, Vancouver — $34,788,000
Property owners who can appeal their assessments by Jan. 31 and those appeals are heard between Feb. 1 and March 15.