The total assessed value of commercial properties in Vancouver has increased by 23.80 per cent, according to BC Assessment's 2017 property values, released on Jan. 3.
Vancouver’s top ten highest valued properties are mostly concentrated in the city’s downtown, with Pacific Centre shopping centre, office towers and Four Seasons hotel taking the top spot at over $1.77 billion, up nearly $150 million over last year’s value.
The top ten priciest properties include mostly large-scale retail centres and office towers, such as Oakridge Mall in south Vancouver and the Broadway Tech Centre buildings. The properties are the second and third-highest valued commercial addresses in Vancouver, respectively.
Commercial property values in Greater Vancouver increased between 15 to 30 per cent. BC Assessment's evaluation of Greater Vancouver includes Vancouver, the North Shore, Squamish, Burnaby, the Tri-Cities, Richmond and Surrey. The Fraser Valley saw an even greater increase bracket of 10 to 35 per cent.
Other areas in the province did not see such a dramatic jump in values, in some cases posting decreases in value. The Thompson–Okanagan region saw an average increase of -5 to 15 per cent. The Kootenay–Columbia region saw a slight change of -5 to 5 per cent. Northern B.C. commercial values increased 0 to 10 per cent. Vancouver Island properties posted a small increase of 5 to 15 per cent.
Last month, Christopher Whyte, deputy assessor for the Thompson–Okanagan region, told Western Investor that commercial properties aren’t typically as affected by market fluctuations as the residential market, as lease terms tend to stabilize the properties’ income streams.
Commercial value increases in nearly every region in B.C. were lower than that of most residential addresses. Residential property values are up by 30 per cent in Vancouver, and upwards of 34 per cent in cities throughout the Fraser Valley region.
The total value of all real estate in the province hit $1.68 trillion for 2017, up 25 per cent over last year. The value of new construction, subdivisions and rezoning was also up 24 per cent, totaling $25.2 billion.
Property owners can expect to receive their BC Assessment notice in the mail either this week or the following week. The public can also search addresses here to find out their property's new value.
