B.C. property assessments spike up to 30% in Vancouver

Property assessment notices have been mailed to homeowners in the Greater Vancouver areathis week, with some homes jumping in value by up to almost 30 per cent.

The most expensive propertyin B.C. belongs toLululemonfounder Chip Wilson, whoseseven bedroom, nine bathroom homeon a double lot on Point Grey Road is now worth $63.8 million an increase of 11 per cent from the year before.

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The 10 most expensive residential properties in B.C. in 2016 were almostall worth more than $30 million.Most of them are located in Vancouver's Point Grey, Shaughnessy or Kitsilano neighbourhoods.

"The 2016 assessments are indicating significant increases from 2015," saidassessor Jason Grant in a written statement.

"Increases of 15-25 per cent will be typical for single-family homes in Vancouver, North Vancouver, West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish."

The total value of real estate in the province has increased to $1.34 trillion, or by11 per cent since last year with most of that coming from residential properties.

In Greater Vancouver alone, total assessments increased to $636.2 billion, an increase of about 16 per cent from the year before.

The municipalities with the largest increases in property values were:

• Lions Bay: 17.96 per cent.
• Squamish: 17.33 per cent.
• Burnaby: 17.01 per cent.
• West Vancouver 16.9 per cent.
• Vancouver: 16.84 per cent.

Theprovince-wide assessmentsreflect the market value of the properties as of July 1, 2015.Anyone can search the value of their property by using B.C. Assessment's e-Value B.C. tool.

Homeowners who disagree with their property's appraisalshould contact B.C. Assessment by the end of the month.