2018 property assessments by BC Assessment are now available to view online, several days ahead of the agency’s planned release date of January 2, 2018.
Anyone can visit www.bcassessment.ca and input a property address to see the assessed value as of July 1, 2017, as well as the previous year’s value. Users can also view the value of neighbouring properties, and see what they may have sold for in the past year.
Several high-profile properties in the news recently have seen major jumps in their assessed value, including the White Spot on West Georgia Street, which recently sold to a Hong Kong-based developer for $245 million.
BC Assessment values the property at $104 million, up from $52 million in 2016.
The previous owners of the property — Shato Holdings (proprietors of White Spot) — had floated a plan for two residential condo towers on the site. The new owners will almost certainly revised the proposal, especially considering the price paid for the property. The buildings will likely be taller, and contain larger, more expensive units.
Value of ‘mystery lot’ jumps considerably
Meanwhile, a few blocks away, the value of the city’s most infamous vacant lot has also increased — up $28 million in the past year alone. The property, at the corner of Robson Street and Broughton Street, has been vacant since the 1970s, despite being prime real estate with the potential for high-density development.
A CBC News story in 2015 tracked the ownership of the lot to a Hong Kong-based company called Melford Estates Limited, which was registered in B.C. in 1973. However, the company’s directors refused to comment.
Just across the lane from the vacant lot, a New York-based architect has designed two upcoming residential towers for developers Landa Global and Asia Standard Americas. The vacant lot is shown in the rendering below.
Value of future parkland remains stable
Meanwhile, the property value of Concord Pacific’s presentation centre and parking lot – slated to become a new park, has remained stable at $10,001. In 2015, the BC Supreme Court upheld Concord Pacific’s legal right to maintain a presentation centre on the future parkland. Residents in the area say they have been waiting for 30 years for the promised park to materialize.
BC Assessment is a provincial crown corporation, with the mandate of establishing and maintaining uniform property assessments.