Total tally of million-dollar properties drops in communities across region

The paper profits the mid-decade property boom gave to many Lower Mainland homeowners, the recession at the end of the decade took away, at least temporarily, data from Landcor Data Corp. shows.

In a study of 2010 property assessments by the B.C. Assessment Authority, Landcor counted 1,908 fewer homes worth $1 million or more across the region than there were in the 2009 assessments, 54,201 in 2010 versus 56,109 in the 2009 assessments.

However, the B.C. Assessment Authority set the 2010 assessments, which municipalities use to calculate property taxes, based on property values as of last July 1, so it is likely that the number valued over $1 million has already changed substantially.

“We had a fairly strong market there in the last three months of [2009],” Landcor president Rudy Neilsen said in an interview, “so there’s no doubt there could be a number of houses back into that $1 million bracket.”

Neilsen said that while property prices did wane during the year, it was municipalities or regions with lower sales levels that experienced the biggest declines in the numbers of homes valued at more than $1 million.

Fewer homes selling in the $1 million range in some municipalities, such as West Vancouver and Surrey, meant the assessed values of all the surrounding homes were dragged down.

Other municipalities, however, such as Vancouver and Richmond, saw their number of million-dollar homes increase.

West Vancouver, on its 2010 assessments, had 8,770 homes valued at $1 million or more compared with 10,652 on its 2009 assessment roll and 10,685 on its 2008 roll and 10,685 on the 2007 roll.

Surrey, on its 2010 assessment roll, had 3,312 homes over $1 million compared with 3,861 on the 2009 roll, 4,034 on the 2008 roll and 2,195 for 2007.

The City of Vancouver, on the other hand, saw the number of milliondollar assessments on its property roll rise even through the housing downturn, according to the Landcor data.

On its 2010 roll, Vancouver had 29,164 homes assessed at more than $1 million, an increase of 242 from 28,922 on the 2009 roll, which was an increase again from 28,253 on the 2008 roll, which was up from 20,098 in 2007.

Richmond saw its number of milliondollar assessments rise 497 to 2,381 on its 2010 assessment roll from 1,884 on its 2009 roll, which was up from 1,748 on the 2008 roll, which was up from just 737 on the 2007 roll. Some other examples: • University Endowment Lands (UBC), 455 homes assessed at more than $1 million, 440 for 2009, 440 for 2008 and 440 for 2007.

• North Vancouver, 3,203 homes assessed at more than $1 million on its 2010 assessment roll, 3,343 for 2009, 3,175 for 2008 and 1,349 for 2007.

• Burnaby, 2,267 homes assessed at more than $1 million on its 2010 assessment roll, 1,961 for 2009, 1923 for 2008 and 874 for 2007.

• Coquitlam, 665 homes assessed at more than $1 million on its 2010 assessment roll, 707 for 2009, 663 for 2008 and 358 for 2007.

• Port Moody, 165 homes assessed at more than $1 million on its 2010 assessment roll, 171 for 2009, 165 for 2008 and 110 for 2007.

• Maple Ridge, 256 homes assessed at more than $1 million on its 2010 assessment roll, 301 for 2009, 295 for 2008 and 120 for 2007.

("Paper profits declined in 2009 for many Lower Mainland homeowners" prepared by Derrick Penner/Vancouver Sun)