B.C. Assessment quietly updates 2020 valuations, displaying large will increase for property homeowners

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CITIES OF SURREY AND VANCOUVER SEE CLIMBS

Last yr’s BCAA launch confirmed the typical worth of a City of Vancouver indifferent house had fallen 11 per cent, in comparison with three per cent within the City of Surrey.

In Vancouver, it went from $1.755 million on July 1, 2018, to $1.568 million as of July 2019.

A pattern in the present day of random Vancouver indifferent houses (on Renfrew and Fraser streets and West King Edward Avenue) confirmed worth rises of between 5 and 10 per cent.

In Surrey, a pattern of houses on Old Yale Road, Stewart Road and 67A Avenue confirmed a valuation rise of a minimum of 10 per cent.

DOWNTOWN EASTSIDE SAHOTA HOTELS VALUED FOR LAND ONLY

In early December the City of Vancouver purchased two dilapidated inns throughout the highway from one another on the 100-block of East Hastings Street within the Downtown Eastside. The metropolis received’t reveal how a lot they paid for the Regent and Balmoral inns — to a household they battled for years over dreadful housing circumstances. The Tyee has reported the sale value as $11.5 million.

The two eight-storey properties had been constructed earlier than the First World War — Balmoral in 1908 and the Regent in 1913 — and are actually nearly all land worth (with so much dimension of fifty by 122 toes). The metropolis has promised it is going to be transformed to supported housing.

The assessed worth of each dropped between July 2019 and July 2020 by round 25 per cent to $2.6 million for the Balmoral and $2.5 million for the Regent, nearly all in land worth.

The Brandiz lodge on the identical block was constructed across the identical time because the Regent and Balmoral on the identical dimension lot and has a five-storey constructing. It has been valued at over $10 million for the previous two evaluation intervals. Most not too long ago, the worth of the Brandiz land fell to $2.5 million, whereas the buildings elevated in worth by $600,000.

Brandiz is classed by BCAA as a “beer parlour/hotel” the identical because the Regent and Balmoral and is owned by Antonietta and Mario Laudisio. That would make the Balmoral and Regent with working rooms price $20 million. The metropolis should put loads of work into them, they usually could possibly be retained as is, or the entire thing could possibly be demolished and a brand new facility constructed.

dcarrigg@postmedia.com

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