If you don’t own a house in Metro Vancouver, here comes more proof you likely never will. While some homeowners in Burnaby are in for some sticker shock when they open their property assessments in the new year.
Early examples of 2016 property assessments indicate an increase of 15 to 25 per cent for single family homes in the region, with a couple Burnaby neighbourhoods at the top end of the scale.
According to B.C. Assessment, a typical single-family home built in 1971 in the Buckingham Heights neighbourhood will see a 27 per cent increase in assessed value to $1.82 million from $1.47 million in 2015.
A typical single family home in the Capitol Hill neighbourhood will see a 23 per cent increase in assessed value to $936,000 from $760,000 in 2015.
Some 37,000 property owners around the region will be getting early notification letters from B.C. Assessment because of the dramatic increases in property assessments.
B.C. Assessment said the letter will go out to property owners that are getting an increase of at least 15 per cent above the average range.
“The recently finalized 2016 assessments are indicating significant increases from 2015," said assessor Jason Grant in a press release. "Increases of 15 to 25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond and Surrey. Typical strata residential increases will be in the five to 10 per cent range. The market for single family homes between July 1 and the end of November has continued to rise dramatically, so property owners should be reminded that their 2016 assessments are based on the market value as of July 1, 2015.”
The agency noted new assessments for all properties will be released on Jan. 4, 2016, and all 2016 assessment notices will be mailed to property owners during the first week of January.
