Commercial real estate values rise up to 55%: BC Assessment

Industrial properties in urban areas in Greater Vancouver are seeing the the highest potential increase in assessment value

Western Investor
January 2, 2019

While single-family homes in pricey neighbourhoods are seeing a dip in BC Assessment values, commercial properties have increased across nearly every region – with industrial values rising as much as 55 per cent. 
Urban commercial properties in Greater Vancouver are seeing increases of up to 45 per cent from 2017, while rural commercial parcel are seeing value changes anywhere from -10 per cent to 25 per cent. Light industrial will see the highest increases of more than 50 per cent in both urban and industrial areas. 
In the Fraser Valley, commercial properties increased in value up to 35 per cent in urban areas and as much as 40 per cent in rural areas. Industrial properties saw a more modest increase of up to 15 per cent.
Vancouver Island commercial and industrial properties both saw increased in the zero to 25 per cent range. 
Okanagan commercial differed over 2017 from -5 per cent to 20 per cent in both urban and rural areas, while industrial properties across the board increased from zero to 20 per cent. 
Urban northern B.C. commercial and industrial properties saw the greatest potential value decrease of 15 per cent and 30 per cent, respectively. 
B.C. property owners will be receiving their 2019 assessment notices in the mail over the next week. They can also be accessed online now. Values are assessed as of July 1, 2018. 

Tanya is a recent graduate of Langara College's journalism program and spent a summer freelancing for The Burnaby NOW and The Record, following a reporting internship with the publications. She joins Western Investor as an editorial assistant. Very much a millennial, she sees the irony in writing about real estate she will likely never be able to afford.
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