NORTH Shore homeowners saw substantial increases in the value of the their properties last year, with most well ahead of the provincial average.
According to a B.C. Assessment report released Tuesday, West Vancouver saw some of the province's largest gains. A typical single-family home in British Properties that was valued the year before at $1.5 million is now worth $2.2 million, a 45 per cent increase. Houses in the Gleneagles and Ambleside neighbourhoods saw gains of 20 and 28 per cent respectively.
Strata condominiums, meanwhile, gained at much more modest rates. A twobedroom apartment in Dundarave that was valued at $692,000 in 2010 was worth $713,000 by July 1, 2011, the date of assessment.
In North Vancouver, a $738,000 Westview house gained four per cent in value, while a $970,000 home in Delbrook rose by 16 per cent.
While most apartments in the Lonsdale corridor saw slight upticks, some two-bedroom units actually saw slight losses.
The North Shore's overall gains easily outpaced the provincial average gain of 6.55 per cent. Vancouver saw an overall 16.42 per cent increase, although that was unevenly spread. The distribution is similar to that seen in on the North Shore, with large singlefamily homes on the West Side posting 38 per cent increases and downtown condominiums rising just 13 per cent.
In a written release, the Real Estate Board of Greater Vancouver reported that 2011 also saw a jump in property sales compared to the year before, although the total was lower than the 2009 sales volume and the 10-year average.
"It was a relatively balanced year for the real estate market in Greater Vancouver, with listing totals slightly above historical norms and sale numbers slightly below," said board president Rosario Setticasi. "Our market remained in a balanced state for most of the year, although higher levels of demand for detached properties in the region's largest communities caused prices in certain areas to rise higher than others."
Changes in assessed values may have implications for homeowners seeking relief from property taxes. The provincial government offers grants of up to $570 for owners with homes worth less than $1.285 million. Additional grants are offered for seniors and veterans. Those with homes valued above the threshold may still be eligible for a partial grant.
balldritt@nsnews.com
