VICTORIA – B.C.’s total real estate value increased by 6.54 per cent to $964 billion, according to 2012 values released last week by B.C. 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.
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, rising to $261,000 in 2012.
An approximated price tag of $30 million in subdivisions, rezoning and new construction brought the total assessment for the area up slightly to a cost of $963 million.
Property values for the northwest region including Terrace and Prince Rupert increased on average, with increases ranging from zero to 10 per cent. Similar increases were recorded in Smithers, Hazelton and Telkwa.
In the Central Okanagan, the values spanned 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 also comparable. They ranged from a five per cent decrease to a five per cent increase in value.
Summaries for each region and values of individual properties are available online and can be viewed by visiting www.bcassessment.ca