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