Tri-cities Property Mix, and more…

Based on the most recent year-end data from the BC Assessment Database, here are some interesting local summaries of property numbers in the chart below. In addition, December 31, 2007, is used as an arbitrary but fairly recent benchmark to compare three full years to 2010 year-end.

The total number of all taxable properties in BC grew from 1,820,351 in 2007 to 1,905,085 in 2010; an increase of 4.7 per cent. Of these, 458,824 strata units represented 25.2% of the total in 2007, and by 2010 there were 527,183 strata units representing 27.7% of the total taxable properties.

Here is a chart showing property totals in the Tri-Cites and a selection of surrounding jurisdictions:

In previous post’s I’ve commented on some of the uniqueness of our local demographics. For instance, when multi-family housing became the majority in Port Moody’s housing mix a few years back, and how much younger Port Moody is than Vancouver with young couples choosing the active lifestyle of the Inlet Centre.

While areas of Coquitlam are turned into multi-family, the development of Burke Mountain, where 26,000 housing units will eventually be built, has been adding single detached family housing. It was interesting to see that both Port Coquitlam and Port Moody had a net-loss of non-strata properties.

A few interesting highlights beyond the Tri-cities…

In this three year period:

– Surrey had the largest growth in the total of all properties from 128,988 to 138,916.

– Vancouver experienced the largest growth of strata units from 86,889 to 96,978, but like Burnaby (and Port Coquitlam and Port Moody), had a net-decrease in non-strata properties.

Polar opposites:

– Whistler’s 12,600 strata units represent a whopping 82.9% of the total 15,207 taxable properties.

– Delta’s 6,149 strata units represent a meager 18.7% of the 32,889 total taxable properties.

A BC first…  For the first time in British Columbia’s history, the value of all real estate on the annual provincial assessment roll has surpassed $1 trillion.

Surprised!  Seeing the high multi-family mix offered by New Westminster surprised me; I just didn’t realize there was so much available there.

Last chance (MONDAY):  This is a reminder that January 31, 2011 is the deadline to file a formal appeal for an independent review by the Property Assessment Review Panel (PARP).

The Vancouver Island Strata Owners Association (VISOA) provided some of this information, with thanks.

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