City of Vancouver 2018 Assessment Roll Overview

Transcription

1 City of Vancouver 2018 Assessment Roll Overview Paul Borgo Acting Assessor Grant McDonald Deputy Assessor Greater Vancouver Region January 30th, 2018

2 Greater Vancouver Region Vancouver Office Burnaby Office Virtual Way Production Way Vancouver, BC, Burnaby, BC, V5M 4X5 V5A 4X1 Responsible for assessments in: Vancouver, University Endowment Lands, Burnaby, Coquitlam, Port Coquitlam, Port Moody, Belcarra, Anmore, New Westminster, North Vancouver (City & District), West Vancouver, Bowen Island, Lions Bay, Squamish, Whistler, Pemberton, Gibsons, & Sechelt. Presentation focuses on Vancouver Office City of Vancouver itself contains over 200,000 properties Paul Borgo Ed Shum Grant McDonald Christina Randle Preet Basra Rick Sidhu Acting Assessor Deputy Assessor Deputy Assessor Deputy Assessor Deputy Assessor Acting Deputy Assessor

3 Assessment Cycle and Key Dates Jan Inquiry period Jan. 31 = PARP appeal deadline Oct. 1 Dec. 31 Roll production Oct. 31 = Physical condition & permitted use Nov. 30 = Ownership reflects LTSA records Dec. 31 = Assessment notices produced & mailed Dec. 31 = Liability for taxation Feb. 1 March 31 PARP appeal hearings Revised Roll production April 1 - Sept. 30 Assessment projects completed New construction inspected April 30 = PAAB appeal deadline July 1 = Valuation date

4 2018 Change in Market Movement Roll Map

5 Vancouver Area Neighbourhood Map

6 Number of Sales SFD Market Trends 2,400,000 July 1st July 1st July 1st July 1st 2,200,000 2,000,000 Median Sale price 1,800,000 1,600,000 1,400,000 1,200,000 1,000, Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q4 1,200 1, Q Q Q Q Q Q Q Q4 Measure 2016 Q Q Q Q Q Q Q Q4 Number of Sales 1,132 1,

7 2018 Total Roll Value Total Roll Value - City of Vancouver $500 $450 $400 $350 Actual $300 Value in $ Billions $250 $200 $150 $100 $50 $ Assessment Roll Year

8 Distribution of Roll Value by Property Category Res Other 11% Business & Other 21% Rec/Non Profit 5% Res Single Family 43% Total Roll Value - $468B Class 01 - Residential ($346B) 74% of Total Roll Value Class 06 - Business and Other ($96B) 21% of Total Roll Value Res Strata 18% Class 08 - Recreation/Non-profit ($21B) 5% of Total Roll Value Class 02 - Utilities ($2.5B) 0.5% of Total Roll Value Residential Single Family Residential Other Light Industry Utilities Residential Strata Business and Other Rec/Non Profit Other

9 Billions Total Roll Value vs Taxable Roll Value (Net of Exemptions) Total Roll Value vs Taxable Roll Value $500 Total Folios - 208,267 $450 $400 $350 Total Roll Value Taxable Roll Value $300 $250 $200 $150 $100 $50 $ Vancouver Total Value Exemptions Net Taxable Residential $ 345,755,265,879 -$ 4,885,893,350 $ 340,869,372,529 Non-residential $ 122,706,477,063 -$ 50,114,925,835 $ 72,591,551,228 Total $ 468,461,742,942 -$ 55,000,819,185 $ 413,460,923,757

10 Distribution of Value Change - SFD Residential Single Family (80,712 Folios) 90.0% 81.7% 80.0% 70.0% 60.0% 50.0% 40.0% Residential Single Family 30.0% 20.0% 10.0% 7.3% 8.8% 1.4% 0.6% 0.2% 0.0% <-5.1% -5.0% to 5.0% 5.1% to 15.0% 15.1% to 25.0% 25.1% to 40% >40%

11 Distribution of Value Change - Strata Residential Strata (100,262 Folios) 50.0% 46.4% 45.0% 40.0% 37.0% 35.0% 30.0% 25.0% Residential Strata 20.0% 15.0% 10.0% 5.0% 0.3% 6.0% 9.2% 1.1% 0.0% <-5.1% -5.0% to 5.0% 5.1% to 15.0% 15.1% to 25.0% 25.1% to 40% >40%

12 Distribution of Value Change Class 06 Business and Other (12,688 Folios) 35.0% 28.9% 30.3% 30.0% 25.0% 22.1% 20.0% 15.0% 10.1% Business and Other 10.0% 6.4% 5.0% 2.2% 0.0% <-5.1% -5.0% to 5.0% 5.1% to 15.0% 15.1% to 25.0% 25.1% to 40% >40%

13 Billions Top Neighbourhoods - % Increase in Total Roll Value Since 2013 $35B 147% 24% $32.6 % Increase from % Increase from $30B $26.3 $25B $20B $15B $10B $5B $ % 12% $14.5$16.2 $7.4 $ % 36% $7.2 $ % 11% $12.0 $10.9 $ $B Mount Pleasant Cambie Marine Drive Marpole

14 Top Neighbourhoods Largest $ Total Roll Value Since 2013 Billions $40B $35B $30B $25B $20B $15B $19.4B 24% $32.6 $26.3 $13.2 $17.9B 17% $39.2 $33.6 $21.3 $14.9 $14.7B $25.2 $ Gross change from % Increase from % 7% $29.6 $31.1 $29.1 $17.1 $14.1B $10B $5B $B Mount Pleasant Downtown West End Kitsilano

15 NMC and Market Movement Property Type NMC and Market Movement Property Type % Chg Due to % Chg Due to Total % Chg NMC Market Res Single Family 0.5% -0.2% 0.3% Res Strata 2.2% 14.8% 16.9% Light Industry -0.9% 30.0% 29.1% Business and Other 0.3% 19.5% 19.8% Total 1.4% 7.9% 9.3% Top 5 Neighbourhood NMC All Classes Top 5 Neigh Market Movement All Classes Neighbourhood % Chg Due to NMC Total % Chg Marine Drive 8.7% 40.3% Cambie 5.4% 12.4% Mount Pleasant 4.1% 22.3% Marpole 3.1% 10.9% Collingwood 3.1% 10.2% Neighbourhood % Chg Due to Market Total % Chg Marine Drive 31.6% 40.3% West End 19.6% 19.4% Mount Pleasant 18.2% 22.3% Harbour 18.1% 18.2% False Creek North 16.2% 17.9%

16 2018 Market Hot Spots A number of different areas in the City saw concentrations of higher than average increases. Commercial Nodes: Downtown CBD +70 to +90% Marpole Southeast False Creek Cambie & Marine Drive +40% to +50% Dunbar Light Industrial Nodes: Marine Drive +85% to +100% Mount Pleasant Cedar Cottage, MC1 +40% to +60% Renfrew Downtown West End: Lower Robson & Davie Georgia Corridor +45% to +100%

17 Roll Stability

18 BCAssessment.ca Public can access property information Info about Assessment process, our policies, products and services, local office info Links to update contact info or change mailing address Submit request for review of property details

19 Assessment Search Assessment search to compare assessments, retrieve sales data, check inventory Can review neighbouring properties for equity Searchable map and address function Sales now updated quarterly and available all year

20 Thank you Questions?