Confidence in the Vancouver property market has been given official backing. In its annual property assessment posted Monday, independent Crown ageny B.C. Assessment has described the market as "remarkably stable".
The report estimates a property’s market value as of July 1, 2009 and is based on the 2010 assessment roll.
According to the agency’s findings most Vancouver homeowners would see a single digit change - anywhere between a five per cent decrease to five per cent increase in their property's value.
Changes in property assessments reflect movement in the real estate market and can vary greatly from property to property. An appraiser analyzes sales in the area and considers other characteristics such as size, age, quality, condition, view and location to estimate value.
Last year, legislation was passed covering the 2009 assessment roll which meant the majority of properties were valued based on July 1, 2007 - which was a moot point.
"This year we're back to historical legislation where it's the preceding July, meaning July 1, 2009," explained B.C. Assessment spokesperson Jason Grant.
"That really is the difference with this year's assessment roll. It's the most stable assessment roll for Vancouver in many, many years. We haven't had a roll that's been this close to no change," Grant said.