BC property assessments mailed, this home is the priciest

The Vancouver waterfront home of Lululemon founder Chip Wilson is the most expensive home in British Columbia with an assessed value of an eyewatering $78.8 million.

The home tops the list of the province’s priciest residential properties for the fifth year in a row, the Globe and Mail reports, with a 4% annual rise amounting to more than $3 million in the year to July 1, 2017.

With property tax assessments hitting mailboxes imminently, Wilson will be receiving a larger bill than a year ago. However, the annual increase was far steeper in the previous assessment, jumping almost 19% in the 12 months to July 1, 2016.

Generally across the Greater Vancouver region, property assessments will be higher.

"The majority of residential home owners within the region can expect a modest change compared to last year's assessment," says BC Assessment’s acting assessor Paul Borgo. "The single family home market is very stable while the residential strata market is quite robust this year."
 
Property Type URBAN Areas
of Greater Vancouver
2018 Assessments
Range of % Changes in Value
(as of July 1, 2017)
RURAL Areas
of Greater Vancouver
2018 Assessments
Range of % Changes in Value
(as of July 1, 2017)
Residential Single Detached Homes -5% to +15% -5% to +25%
Residential Strata Units
(e.g. condominiums)
+5% to +35% +5% to +25%
Commercial +5% to +50% -5% to +20%
Light Industrial 0% to +45% 0% to +10%

For Vancouver Island, most homeowners can expect an increase in their assessment in the 10% to 25% range.

Assessor Tina Ireland says the residential strata market has been particularly robust with assessments increasing 15% to 35% in many areas.

In the Fraser Valley, the assessments are expected to fall in the -5% to +25% range for single-family detached homes with a 10-40% range for strata units.

The British Columbia finance ministry announced Wednesday that it was increasing the threshold for its homeowner grant by 3% to $1.65 million.

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