The annual BC Assessment numbers are in, and the data shows a staggering growth in real estate values across the province.

The total assessments in Greater Vancouver grew from $546.7 billion in 2015 to $636.2 billion in 2016, a 16% growth in 12 months. A sample of East Vancouver single-family homes saw the greatest growth at a 28% increase in value, outpacing the pricey West Side neighbourhoods which still made a strong leap at 23%.

The annual BC Assessment numbers are in, and the data shows a staggering growth in real estate values across the province.

The total assessments in Greater Vancouver grew from $546.7 billion in 2015 to $636.2 billion in 2016, a 16% growth in 12 months. A sample of East Vancouver single-family homes saw the greatest growth at a 28% increase in value, outpacing the pricey West Side neighbourhoods which still made a strong leap at 23%.

“Property owners can find detailed property information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2015 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Grant.

Assessment values provide data to determine how much property tax owners must pay each year. Those who experience a larger increase in their property values will be required to pay more tax in 2016.

The total number of homes on the BC Assessment list this year reached 1,996,112 and were valued at $1.34 trillion, an increase of 11.1% from 2015.