BC Real Estate Assessments are in from last year and the recorded information is staggering. If you were waiting for the market to slow down, it may not be for some time to come! These assessments are taken from owners of more than 500,000 homes in the entire Greater Vancouver area which will all be receiving their assessments in the mail this week. The total number of homes on the BC Assessment List is numbered at 1,996,112 and everything was valued at $1.34 trillion, which is an increase of 11.1% from last year.
The BC Assessment provides information to determine how much tax that owner must pay. Those who experience a larger appreciation will have more tax to pay in 2016.
The total assessments in Greater Vancouver grew 16% in 12 months from 2015 to 2016 to a total of $636.2 billion. A sample from the above document saw the greatest increase in the East Vancouver area. With a total increase of 28% East Vancouver is starting to outpace the Westside in terms of property value increases and demand.
Other neighbourhoods that saw incredible rise is property value are: Hamilton in North Vancouver, West Vancouver waterfront, Garibaldi Highlands in Squamish, Capital Hill in Burnaby and Westwood Plateau in Coquitlam.