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Now Available: Preview of Greater Vancouver 2017 Property Assessments
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(Posted on Dec 8, 2016 at 07:38PM by Michelle Bogle)

On January 3, 2017, BC Assessment will be releasing official property values across the province. However, earlier this week, the organization previewed preliminary data, which shows an anticipated increase for the coming year.

"The preliminary market analysis for 2017 property assessments indicates significant increases over last year's assessment values," says Assessor Jason Grant in a press release. "Increases of 30 to 50% will be typical for single-family homes in Vancouver, North Shore, Squamish, Burnaby, Tri-Cities, Richmond and Surrey. Typical strata residential increases will be in the 15 to 30% range."

But, what does this mean for commercial real estate? Much of the same.Â

In the release, BC Assessment notes that commercial and industrial properties throughout the Greater Vancouver area will also see significant increases in the 10 to 30% range, with properties being purchased for eventual redevelopment often exceeding these ranges.

In other areas of B.C., commercial property owners can also expect an increase. In the Greater Victoria region, for example, commercial property values have gone up 5 to 15% over the last year, while multi-family residences in Victoria, Saanich, Sidney and Oak Bay have gone up in value 5 to 25% since last year.Â Central Okanagan will see the smallest commercial increase of between 0 and 15%, while multi-family strata increases will be in the 5 to 30% range.Â

All property owners in B.C. can expect to receive their official annual notices early in the new year. BC Assessment's website will also be updated on January 3, 2017. Â Â

For more information and insight, or to learn how these increases may affect your commercial assets, please feel free to contact our Vancouver office to speak with an associate.

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Commercial Real Estate in B.C.

A Closer Look into Kamloopsâ€™ Commercial Real Estate Investment Potential
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(Posted on Nov 17, 2016 at 05:00AM by Michelle Bogle)

Recently, Western Investor published a list of the top five centres in Western Canada for property investments. Of those five cities, four of them were located within British Columbia, including Kamloops, Coquitlam, Terrace and Nanaimo.Â

In todayâ€™s post, we take a closer look into Kamloopsâ€™ commercial real estate market and why you should consider investing in this city.

About Kamloops

Kamloops is a city in south central British Columbia, located at the convergence of the Thompson River near Kamloops Lake. It is the largest community in the Thompson-Nicola Regional District and the location of the regional district's offices. The surrounding region is more commonly referred to as the Thompson Country. It is ranked 37th on the list of the 100 largest metropolitan areas in Canada and represents the 44th largest census agglomeration nationwide, with 85,678 residents in 2011.

Investment Highlights

As B.C.â€™s fifth-biggest city, Kamloops is expected to undergo an economic breakout year in 2017, thanks to its diversified economy, relative proximity to Metro Vancouver and world-class skiing, lakes and golf. It is also a central transportation hub with three regional highways and two rail lines.Â

In terms of the commercial real estate sector, vacancy rates for both industrial and office spaces continue to remain down in Kamloops and the retail vacancy rate is starting to rebound after larger retailers left the area, including Target and XS Cargo.Â

The cityâ€™s office market hovers around 4.9% vacancy rate, which is part of a long-term stable trend, while the industrial vacancy rate is closer to 3.8%. The overall retail vacancy rate is approximately 8%.

For aspiring developers, a newly opened 250-acre site surrounding Thompson Rivers University (TRU) in Kamloops is the largest such opportunity in the region. Ninety of TRUâ€™s 250 acres of endowment lands are available for residential and commercial development.

Want to learn more?Â
If you are interested in exploring the investment potential for office, land, industrial, hospitality, retail or multi-family assets within Kamloops, B.C., be sure to contact our Vancouver office to speak with an associate, or visit our Property Search Portal to view active listings within the Lower Mainland and beyond.

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