The Canadian Broadcasting Corporation has obtained a $1.61-million reduction in the assessed value of its property at 700 Hamilton Street in downtown Vancouver.

The Crown-owned broadcaster filed an appeal after the building and land were assessed at $64.46 million. The Property Assessment Appeal Board approved a joint recommendation submitted by B.C. Assessment and the CBC to reduce that to $62.85 million.

In separate ruling, the board has confirmed a $7.33-million assessment on a home at 4515 West 2nd Avenue in Vancouver. The appellant, Wendy Ho, first asked the board to reduce the assessment to $5.63 million before later revising her request to $6.25 million.

Panel chair Bruce Turner’s ruling noted that the assessor uses a “direct comparison approach” in conducting an assessment. Ho presented sales data on six comparable sites with closing figures between $5.95 million and $10.2 million between October 2014 and December 2015.

“The Appellant focuses on the sale of 4356 Locarno Crescent which sold July 15, 2015 for $7,890,000,” the ruling stated. “She states that this property has a better view than the subject [4515 West 2nd Avenue], a double garage, flat access to Locarno Crescent as well as back lane access.”

However, the assessor maintained that the home on Locarno Crescent was in an “inferior location”, according to the decision. The assessor also noted that there has been a “significant upward trend” for homes on Vancouver’s West Side, and even more so in Point Grey.