B.C. Assessment quietly updates 2020 valuations, showing big increases for property owners

B.C. Assessment quietly updates 2020 valuations, showing big increases for property owners

Sample shows City of Vancouver detached home values up between five and 10 per cent — and more in Surrey

VANCOUVER, BC - JULY 30, 2018 - Balmoral Hotel in Vancouver, BC, July 30, 2018.  The City of Vancouver filed last week an appropriation notice for the decrepit Balmoral and Regent hotels in the Downtown Eastside. (Arlen Redekop / PNG staff photo) (story by Matt Robinson) [PNG Merlin Archive]The Balmoral Hotel on the 100-block of East Hastings is one of the few properties that saw a drop in value in 2020, due to its building having no value. PHOTO BY ARLEN REDEKOP /PNG

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The B.C. Assessment Authority has updated its online record of property valuations for 2020 without the usual fanfare.

Traditionally around New Year’s Day the Crown corporation issues a media release showing the percentage increases in values across different residential property types in different parts of B.C. — plus the total assessed value of all residential property in the province. In July 2019, it was $1.41 trillion (1,000 billion equals one trillion.)

This year — so far — BCAA has only posted a Dec. 31 note on Twitter stating “Your 2021 property assessment will be available soon. While front-counter (in person) services at our offices are currently suspended, our phones are open starting Monday from 8:30 a.m.-5 p.m. to answer your questions!”

The information has been available online since Jan. 1.

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Which is surprising, because 2020 has been a bizarre and totally miscalculated year for B.C. real estate — with the Canada Mortgage and Housing Corporation saying in April that prices could fall up to 19 per cent in 2020, and sales would likely plunge due to COVID-19.

In fact, across Canada residential property prices have jumped 20 per cent in 2020, and it was a record year for sales.

This was driven primarily by further drops in interest rates due to Bank of Canada policy.

Last year, on Jan. 2, a BCAA press release reported general declines of around 10 per cent in property values across the Lower Mainland. The City of Vancouver saw the average assessed value for a single detached home fall 15 per cent, while Whistler and Pemberton were the only standouts and saw values rise.

The assessment roll as at July 1, 2019 wont reflect the continued price increases in the region since then.

Here’s a few things that can be discerned from the latest:

CHIP’S HOUSE GOES UP 

Lululemon founder Chip Wilson’s Point Grey Road home remains the most valuable in B.C., climbing $1.88 million to $66.8 million. This jump would be relatively meaningless to Wilson, given the value of his Lululemon stock rose around $1.5 billion between July 2019 and July 2020 (based on 12 million shares.)

It’s awful to think of the income disparities that have emerged during COVID-19: as Peter Garrett said “the rich get richer, the poor get the picture.”

 
 

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CITIES OF SURREY AND VANCOUVER SEE CLIMBS

Last year’s BCAA release showed the average value of a City of Vancouver detached home had fallen 11 per cent, compared to three per cent in the City of Surrey.

In Vancouver, it went from $1.755 million on July 1, 2018, to $1.568 million as of July 2019.

A sample today of random Vancouver detached homes (on Renfrew and Fraser streets and West King Edward Avenue) showed value rises of between five and 10 per cent.

In Surrey, a sample of homes on Old Yale Road, Stewart Road and 67A Avenue showed a valuation rise of at least 10 per cent.

DOWNTOWN EASTSIDE SAHOTA HOTELS VALUED FOR LAND ONLY

In early December the City of Vancouver bought two dilapidated hotels across the road from each other on the 100-block of East Hastings Street in the Downtown Eastside. The city won’t reveal how much they paid for the Regent and Balmoral hotels — to a family they battled for years over dreadful housing conditions. The Tyee has reported the sale price as $11.5 million.

The two eight-storey properties were built before the First World War — Balmoral in 1908 and the Regent in 1913 — and are now almost all land value (with a lot size of 50 by 122 feet). The city has promised it will be converted to supported housing.

The assessed value of both dropped between July 2019 and July 2020 by around 25 per cent to $2.6 million for the Balmoral and $2.5 million for the Regent, almost all in land value.

The Brandiz hotel on the same block was built around the same time as the Regent and Balmoral on the same size lot and has a five-storey building. It has been valued at over $10 million for the past two assessment periods. Most recently, the value of the Brandiz land fell to $2.5 million, while the buildings increased in value by $600,000.

Brandiz is classed by BCAA as a “beer parlour/hotel” the same as the Regent and Balmoral and is owned by Antonietta and Mario Laudisio. That would make the Balmoral and Regent with working rooms worth $20 million. The city will have to put a lot of work into them, and they could be retained as is, or the whole thing could be demolished and a new facility built.

dcarrigg@postmedia.com

twitter.com/davidcarrigg

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  1.  
     
     
    41 MIN AGO

    The bursting of the bubble is going to be epic. Like in 1930's, bodies will be falling from the sky.

     
     
     
 
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