North Shore Assessed Values – 2013
Property values usually change as a simple result of real estate market forces. These forces vary by property type and location. Assessed value is based on average sale prices over the past year but also on any upgrades done to your home. If proper permits are utilized, B.C Assessment will be made aware of the work and will likely apply an increased value to your home reflecting any completed improvements.
British Columbia’s Assessment Act requires that every property owner receive a property assessment notice reflecting market values effective July 1 of the preceding year. Market value is “the price an unencumbered property would sell for if a reasonable amount of time is allowed to find a purchaser.”
The average assessed value from B.C Assessment shows an average drop of approximately 1% for North Van (City and District) from last year while West Van has dropped approximately 2%. Each individual North Shore neighbourhood will be assessed based on sales figures and specific areas will vary. For example West View and Grand Boulevard in North Van as well as Dundarave and the British Properties in West Van will see modest increases. These increases are a result of higher average sales prices compared with other pockets that had flat or slightly reduced selling prices. In Ambleside, for example, average assessed values fell approximately $70,000 with an average 2013 sales price of $1,630,000. Ambleside had seen significant increased assessed value increases over the past several years due primarily to increased average sale prices.