How much is a one-bedroom condo nowadays?

Well, that depends on a lot of things.

Like where is it at, year built, its location within the building, finish, and so on.

A case decided by Allan Beatty, a panel chair with the B.C. Property Assessment Appeal Board, provides an example how these things are settled. Beatty upheld the assessor's valuation here.

The case involved a 510-square-foot, single-bedroom and bath, unit in the West End neighbourhood of Vancouver.

It is co-owned by Kelvin Chiu, and other people.

It’s at the Symphony Place development of the Solterra Group of Companies.

Completed in 2010, Symphony Place occupies one city block on Smithe Street, between Seymour and Richards street. It has two towers.

Chiu and friends have their condo at a corner location at the Dolce tower, which is on Smithe and Richards streets.

The property was given a 2019 assessment value of $734,000.

Chiu and his co-owners believe that the assessment, which represents $1,439 per square foot, is excessive.

Chiu appealed, citing three sales from the same building at 535 Smithe Street, which had prices ranging from $1,264 to $1,366 per square foot.

The assessor used the same sales to defend the valuation of the property.

But unlike Chiu, the assessor applied adjustments to get a measure of values.

One is an adjustment for date of sale, using the housing price index of the Real Estate Board of Greater Vancouver, which shows monthly changes.

The assessor also adjusted for floor level, location within the building, parking, and differences in layout.

As an example, one of the sales was $640,550 in March 2018. It’s Unit 710, a 510-foot condo, and it sold for $1,256 per square foot.

After adjustments by the assessor, the price increases to $1,447 a square foot, an amount comparable to the assessed value of Chiu and friends’ condo at $1,439.

In his decision and order, Beatty found that the assessor’s evidence “provides the more convincing estimate of market value”.

Beatty also wrote that he accepts the assessor’s opinion that the property in question is actually worth $738,000 to $780,000. 

“The Assessor is not seeking an increase to the assessment to the market value of the property,” Beatty wrote. “I am satisfied that the value on the roll is within an acceptable range of market value and supported by market evidence.”

Beatty also dealt with Chiu’s point about equity.

Again, Unit 170 was cited. According to Chiu, the March 2018 price was eight percent lower than the 2019 assessed value.

In addition, he cited three strata units in the sister building at 565 Smithe Street, which had a 1.8 percent increase each over their 2018 assessed values.

“On the basis of these comparisons, the Appellant says a 12% increase to the assessment of the property results in a value that is inequitable,” Beatty related.

Beatty noted that the Assessment Act “mandates that each year’s assessment is considered a new market valuation”. 

“There is no requirement in the Act to consider a pattern or trend over time,” according to Beatty. “Similarly, the Act obliges the Board to consider the accuracy and consistency of the current year’s assessment only.  As each year’s valuation is independent of prior years, comparisons to prior years are not relevant in determining the whether the current year’s assessment is equitable.”