Value of homes in Vancouver up 12 per cent

The market value of homes in Vancouver rose by 12 per cent this year, according to British Columbia Assessment Authority 2011 data.

Richmond had the highest jump in Metro Vancouver, with value increasing by 17 per cent.

West Vancouver rose by 13 per cent and Burnaby by 12 per cent.

North Vancouver, New Westminster and Coquitlam rose by 8 per cent.

On the downside, property value in Whistler fell by 2 per cent and Bowen Island dropped by 3 per cent.

The biggest increase in B.C. was in Mackenzie — located near Prince George — where property value rose by 21 per cent. The lowest was in Kitimat, where value dropped by 19 per cent.

The annual report, run every Dec. 31, shows the increase or decrease in property values by city throughout B.C. The data is used to determine property tax rates for the province’s nine property classes.

Property is assessed based on size, age, location and quality, as well as whether there is a pool or carport.

Online users can see all data here.

Owners can also request the new market assessment for their own properties.

If you don’t agree with your assessment, the deadline to appeal is Jan. 31

By: Christine Tam , Date: Monday Jan. 3, 2011 8:28 PM PT

Pam Martin, Invis, Mortgage Broker, Best Mortgage Rates, Kelowna,Vernon, Penticton, Okanagan, British Columbia, Canada