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Blog by Kevin Wong

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2012 Metro Vancouver Property Assessments See Wide Variation

METRO VANCOUVER - Vancouver home prices up. Squamish home prices down.

West Vancouver way up. Whistler way down.

When Metro Vancouver and regional property owners get their 2012 assessment notices in the next few days, they will likely see a wide variation in assessments by region, city and neighbourhood.

The Sea-to-Sky region, for example, will see assessments generally down, with Squamish homeowners, for example, looking forward to property values dropping up to 10 per cent in some areas and rising five per cent in others, according to BC Assessment. The valuation date was July 1, 2011.

In Whistler, property owners will see decreases in values by up to 15 per cent.

But North Vancouver home assessments are expected to rise five to 15 per cent, while West Vancouver property owners will see significant increases in the 15-to-30-per-cent range.

Vancouver's 192,000 property owners can also expect big hikes.

"Almost all homes in [the city of Vancouver] are increasing in value compared to last year's assessment roll," said area assessor Jason Grant in a statement. "Most single family home owners in Vancouver will see significant increases, in the 10-per-cent to 25-per-cent range. Strata condominium owners will also see increases, but typically less than 10 per cent."

Overall, Vancouver's assessment roll increased from $222 billion last year to $254 billion this year. A total of almost $2.3 billion of this growth includes new construction, subdivisions, and rezoning.

The District of West Vancouver's assessment roll increased from $26.4 billion last year to over $30.2 billion this year. A total of almost $248.5 million of this growth includes new construction, subdivisions, and rezoning.

But Squamish's assessment roll declined from $3.92 billion last year to $3.81 billion this year. Of that, almost $82 million consists of new construction, subdivisions, and rezoning.

Squamish's Garibaldi Highlands neighbourhood will see assessments fall from an average $531,000 for a single detached home to $497,000, while Whistler's Alpine Meadows neighbourhood will see the value of single detached homes drop from $964,000 to $918,000.

However, Vancouver's west side will see value for detached homes on 50-foot lots rise from $1.19 million to $1.645 million, while east Vancouver detached homes on 33-foot lots will rise from $816,000 to $1.03 million.

In West Vancouver's tony British Properties, the average assessment for a single family home will rise from $1.53 million to $2.2 million.

In the Fraser Valley, property owners will see little change in values this year.

"Most homes in the Fraser Valley have remained stable in value compared to last year's assessment roll," said deputy assessor John Green. "Most home owners in the Fraser Valley will see minimal changes in the value of their properties."

Overall, the Fraser Valley's assessment roll increased from $85.9 billion last year to $88 billion this year, with most growth due to subdivisions, rezoning and new construction.

Click here to find your assessment on the B.C. Assessment website (On the homepage, go to "Click here to start searching")