City property assessments on their way to your mailbox

“Assessed values represent a snapshot of what occurred in the past”, Risling said.

Over in the Fraser Valley region, which includes Richmond, Delta, Surrey, White Rock, and every thing to the east, assessment increases are a bit more modest.

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BC Assessment also provided a list of top valued residential properties in Greater Vancouver.

The value of the average single-family home went up by 1.7 per cent previous year.

“On average, residential properties increased slightly in values”, said Risling.

Overall, Held says the numbers show a strong local economy “If you’re looking at real estate values as one potential measure for the health of the economy, then I’d say that what the values are telling us is that the region still has a very healthy economy, that it is still very vibrant”. In total, the city expects to take in $1.4 billion from property taxes in 2016, which will cover about 56 per cent of the operating budget.

Edmonton’s Athlone community on January 4, 2016.

A single-family home on Vancouver’s West Side is now valued at around $1.9 million, up 23 per cent from the July 1, 2014 market value of about $1.5 million.

The assessment notice provides a snapshot of what your property is worth – what it would have sold for on the open market – as of July 1, 2015.

The assessment is not the official property tax bill.

But his branch tends to receive more questions from the public when prices are flat or going down, he said. Back in 2014, it was valued at $54 million, marking an increase of nearly $10 million in two years.

The total combined value of all the properties in Edmonton equals $172.3 billion.