623-sq.-ft. condo should be worth $800K because it has 4 parking spaces, owner argues in BC Assessment appeal
CTV
A Vancouver resident has lost his bid to get the assessed value of his condo increased because of the number of parking spaces associated with it.
A Vancouver resident has lost his bid to get the assessed value of his condo increased because of the number of parking spaces associated with it.
Benjamin G. Pedret appealed to the Property Assessment Appeal Board, arguing that the assessor had undervalued his one-bedroom, 623-square-foot condo in Kitsilano by more than $85,000.
Pedret argued that his 2022 assessment should be increased from $743,000 to $828,690, principally because it has four parking stalls associated with it, rather than the single stall that is typically included with condos in his 4th Avenue building.
Robert Metcalf, the chair of the PAAB panel that heard the case, was unimpressed by the homeowner's arguments.
In a decision posted online this week, Metcalf described – and dismissed – Pedret's reasoning for the desired increase.
"In estimating the contributory value of the three extra parking stalls, the appellant refers to a number of published articles of asking prices of parking stalls in Downtown Vancouver, for sale to anyone on the open market, and not limited to owners within the complex, as is the case with the subject (property)," the panel chair wrote.
"The open market asking prices range from $30,000 to $50,000 per stall. The Appellant, without any analysis, estimates the value of the subject’s three extra stalls to be $45,000 per stall or $135,000."
