East Vancouver homeowner's bid for $1 million increase to property assessment rejected
B.C.'s Property Assessment Appeal Board has rejected an East Vancouver homeowner's argument that his property was undervalued by more than $1 million in its most recent assessment.
Harvey Oreck appealed the $2,899,000 assessed value of his home at 3422 Triumph St. in Vancouver earlier this year, arguing that it was actually worth closer to $4 million.
"The appellant’s main contention is that the property’s assessment is too low and does not reflect the high quality of the home, level of finishing, and view," wrote PAAB panel chair Larry Dybvig in his decision on the appeal.
"He says the value of the property is $3,975,000."
Oreck based his appeal on the assertion that there are no comparable properties in the area and that the assessor should have instead based the home's value on the cost of replacing the structure.
The assessor for Area 09, Vancouver Sea to Sky Region, disagreed, offering three comparable properties located outside Oreck's immediate neighbourhood that Dybvig ultimately agreed were sufficiently similar to Oreck's home.
The home in question is a 3,464-square-foot single-family dwelling built in 2017. It has a 511-square-foot laneway home, which rents for $1,975 a month, and a two-car garage that opens onto the lane.
The structure is built on a 48-foot wide, 5,856-square-foot view lot on Triumph Street, less than a block away from the Cassiar Connector and Highway 1.
According to Dybvig's decision, the assessor noted that the lot's views of Coal Harbour and the North Shore mountains are positives, but the noise from the PNE and the highway detract from the location's value.
"The appellant says the noise is not a problem, because the triple-paned windows make the home 'virtually completely silent, except for motorcycles and sirens,'" Dybvig wrote.
And while the homeowner submitted a letter from a realtor, who offered his "considered opinion" that the home is worth between $3,875,000 and $4,075,000, the appeal board remained unconvinced.
"The realtor's letter provides no support for this opinion, no methodology, data or analysis in support of this opinion and no indication of his qualifications," Dybvig wrote.
The chair acknowledged that valuation is "not an exact science," but said the home's 2021 assessment appears to fall within the range of value tolerated in appraisal.
CTVNews.ca Top Stories
NEW After hearing thousands of last words, this hospital chaplain has advice for the living
Hospital chaplain J.S. Park opens up about death, grief and hearing thousands of last words, and shares his advice for the living.
Some Canadian families will receive up to $620 per child today
More money will land in the pockets of some Canadian families on Friday for the latest Canada Child Benefit installment.
BREAKING Iran fires at apparent Israeli attack drones near Isfahan air base and nuclear site
An apparent Israeli drone attack on Iran saw troops fire air defences at a major air base and a nuclear site early Friday morning near the central city of Isfahan, an assault coming in retaliation for Tehran's unprecedented drone-and-missile assault on the country.
American millionaire Jonathan Lehrer denied bail after being charged with killing Canadian couple
American millionaire Jonathan Lehrer, one of two men charged in the killings of a Canadian couple in Dominica, has been denied bail.
Ottawa to force banks to call carbon rebate a carbon rebate in direct deposits
Canadian banks that refuse to identify the carbon rebate by name when doing direct deposits are forcing the government to change the law to make them do it, says Environment Minister Steven Guilbeault.
Ontario woman loses $15,000 to fake Walmart job scam
A woman who recently moved to Canada from India was searching for a job when she got caught in an online job scam and lost $15,000.
Prince Harry formally confirms he is now a U.S. resident
Prince Harry, the son of King Charles III and fifth in line to the British throne, has formally confirmed he is now a U.S. resident.
Colin Jost names one celebrity who is great at hosting 'Saturday Night Live'
Colin Jost, who co-anchors Saturday Night Live's 'Weekend Update,' revealed who he thinks is one of the best hosts on the show.
Nearly half of China's major cities are sinking, researchers say
Nearly half of China's major cities are suffering 'moderate to severe' levels of subsidence, putting millions at risk of flooding especially as sea levels rise.