British Columbia’s Property Evaluation Assessment Panel has permitted an almost threefold enhance within the 2025 assessed worth of Vancouver’s former Dunsmuir resort website, after a citizen launched a uncommon third-party enchantment.
“I do really feel that there’s a bit of little bit of justice,” planning and actual property guide Michael Geller instructed World Information in an interview.
500 Dunsmuir Avenue is being cleared for a brand new growth by its proprietor, Holborn Properties, after the previous hotel-turned-Dunsmuir Home single-room occupancy (SRO) was torn down in January.
The Metropolis of Vancouver ordered the demolition of the 115-year-old constructing final December after it deteriorated to the purpose it was susceptible to “catastrophic collapse.”
Geller was curious concerning the property’s assessed worth and stated he found the dilapidated constructing was assessed extremely whereas the land was valued very low.
He stated he wished Holborn to pay its justifiable share of taxes based mostly on the property’s true worth.
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“I made a decision it was not truthful,” stated Geller Friday. “It appeared inappropriate that any individual may neglect a constructing to the purpose that it needed to be demolished after which profit from decrease property taxes.”
On account of Geller’s enchantment, the unique 2025 evaluation of $6,476,000 was amended to $18,965,000, a 193 per cent enhance in its assessed worth.
“The taxes will enhance from round $70,000 to simply over $200,000,” Geller instructed World Information.
“That property (500 Dunsmuir) was dramatically under-assessed,” retired BC Evaluation appraiser Derek Holloway stated.
Holloway, who had a 28-year profession with BC Evaluation, stated the previous Dunsmuir Home website highlights a much bigger challenge of undervalued business properties in British Columbia.
“When these properties are usually not successfully assessed and taxed, then what they don’t pay will get unfold out amongst all the opposite taxpayers inside that taxing jurisdiction,” Holloway instructed World Information Friday.
In Vancouver, Holloway stated property taxes have elevated nicely above inflation over the past 5 years.
“They’ve averaged seven per cent a 12 months and that compounds,” Holloway stated.
When requested if that common price enhance could be decrease if bigger properties had been valued correctly, Holloway responded: “Sure, it will actually take the sting off.”
The previous BC Evaluation senior appraiser stated the present Evaluation Act has no enamel due to the way in which it’s written, including it will be a quite simple repair to regulate a number of traces.
“Sections 13 to 16 say that it’s an offence to not present BC Evaluation with info you’ve been requested to supply,” stated Holloway. “However as a result of there are completely no penalties or penalties, it occurs on a regular basis.”
Holloway stated a 2024 Union of BC Municipalities movement is asking the provincial authorities to deal with the difficulty of under-assessing industrial, business and funding or (ICI) properties, though he famous comparable previous motions have died in committee.
Holborn Properties, which didn’t make anybody out there for an interview Friday, has till April 30 to enchantment its reassessment discover for 500 Dunsmuir.
In an emailed assertion, Holborn stated “whereas we’re evaluating subsequent steps particular to the brand new evaluation, we stay dedicated to reworking this underutilized block right into a community-serving growth.”
© 2025 World Information, a division of Corus Leisure Inc.
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