Metro property values surge dramatically

[Zassk]

Metro property values surge dramatically

Richmond leads with an increase of more than 17 per cent, while Whistler slipped two per cent

BY SCOTT SIMPSON AND BRIAN MORTON, VANCOUVER SUN JANUARY 4, 2011


Residential property values in Vancouver and its closest neighbouring municipalities increased substantially over the past year.

But in some other areas, including Whistler and the Okanagan, this year's assessment figures told a different story, with values either holding steady or even decreasing.

Richmond showed the highest increases, with average values jumping 17.14 per cent, according to estimates posted on the B.C. Assessment Authority website.

Residential market values increased 13.03 per cent in West Vancouver, 12.17 per cent in Vancouver, 12.07 per cent in Burnaby, 9.22 per cent in Delta, 9.12 per cent in Coquitlam, 9.11 per cent in New Westminster, 8.84 per cent in North Vancouver District, 7.58 per cent in Surrey, and 6.55 per cent in Langley township.

Even the Winter Olympics, however, couldn't stop residential values in Whistler from sliding an estimated 2.06 per cent.

A rise in a property's assessment does not always mean municipal taxes will increase. What typically makes the difference is if an assessment rises or falls beyond the average.

The Canada Line rapid transit route between Richmond and downtown Vancouver and Richmond's continuing popularity with buyers from Asia were factors in that community's substantial increase, suggested Re/ Max Westcoast realtor Anne Marie Kirkpatrick, a lifelong Richmond resident.

"That has made some difference -- the transportation," Kirkpatrick said in a phone interview.

"It seems that there is a lot of mainland China buyers and a lot of immigration from Asia, and Richmond seems to be one of their favourite spots. Other than that, it's great place to live. It's close to Vancouver, and the airport is here."

Kirkpatrick said she noticed a jump in demand for property that coincided with the opening of the Canada Line, known during construction as the Richmond-Airport-Vancouver (RAV) line.

Lower-priced "investment"-type condos in the Lansdowne mall area "were normally lower than similar condos more over in the Brighouse-Richmond Centre area. As soon as that line came in they increased [in price] instantly and it became the hot area.

"I had people say, 'Oh, that's where I want to be, I want to use the RAV line.'"

...

Read more: http://www.vancouversun.com/entertai...#ixzz1A6H0s3pk

[Yume-sama]

Not surprised to see Richmond booming.

I wouldn't mind buying in the Okanagan, but, I highly doubt their decline is done, and am surprised it was only down a little bit. As Alberta / BC's playground everyone is kind of waiting for them to tank a little bit more before buying. When they rebound it will be pretty big, though. Vacation / recreation properties are hurting all over the World, even in Whistler!

It's near impossible to sell a home on a golf course nowadays, or say, on a mountain where you might ski

[240glt]

There are currently 4000 building lots approved and available for development in the Vernon area. That is a huge amount. I noticed that prices in Kelowna have dropped dramatically as well.

[Yume-sama]

I'd say in some areas of Kelowna I've seen prices down as much as 50% from their high. It's not surprising considering it's a sleepy little town with hardly anyone there when it's not a long weekend. Then all the sudden every house has a boat in the driveway I would love to have a Summer home up near Kettle Valley, and it's certainly becoming more attainable, but, I foresee it going down even more before it goes up. I've noticed in new developments lot prices have tumbled quite a bit, too, though people are still buying and mostly holding them for later, not building now.

[officedweller]

Here's the BC Assessment website:

http://evaluebc.bcassessment.ca/

[240glt]

^^ Well it's not THAT dramatic, there are certain nieghborhood that cater to recreational type buyers (and oddly enough a lake VIEW is coveted over anything else ) but the vast majority of Okanaganites live there year round. There are a lot of luxury houses for sale tho, lots of 'found' money during the last boom magically evaporated and a lot of people are getting rid of their 2nd homes. Primary residences are much less affected.


Meh.. nobody in the Okanagan likes the douchebags from Alberta & the lower mainland anyways

[Yume-sama]

I'd want a lake view, too, if I was used to flat bald prairie.

Luckily from my home in Calgary I can see the mountains and an Indian casino if I squint.

[240glt]

Well some of the worst views in the Okanagan are better than the best views in Alberta cities (can't say the same for Vancouver though.. pretty spectacular view there) but where I grew up everyone had a lake view. It seems such an odd thing to covet.

Then again with the murky swaps we call lakes out here I can see why real lakes are such an attraction

[Spoolmak]

Originally Posted by Yume-sama

I'd say in some areas of Kelowna I've seen prices down as much as 50% from their high. It's not surprising considering it's a sleepy little town with hardly anyone there when it's not a long weekend. Then all the sudden every house has a boat in the driveway I would love to have a Summer home up near Kettle Valley, and it's certainly becoming more attainable, but, I foresee it going down even more before it goes up. I've noticed in new developments lot prices have tumbled quite a bit, too, though people are still buying and mostly holding them for later, not building now.

I laughed when I read the sleepy little town with no one there comment. Obviously you have never been to kelowna on a Tuesday in march. It's a city of just about 200,000 people. There's a lot of people there. And there is No bypass or actual freeway in the city limits so there's always lots of people there