Vancouver commercial property prices climb

Vancouver has enjoyed some of the fastest rises in house prices in recent years, but commercial property values are not far behind.

New figures from BC Assessment show that property values are volatile, with even established shopping malls and officers seeing their assessed values shoot up.

In downtown Vancouver, Pacific Central Mall's value rose 18.4 per cent from 2015 to its 2016 assessment of $1.63 billion.

Property under construction have shown the biggest growth as they completed in 2015.

"What I can say is that increases of between 10 and 20 per cent (on assessments) of commercial property in the City of Vancouver are very common," Jason Grant, BC Assessment’s area assessor for the greater Vancouver district, told the Vancouver Sun, although noted that the differing types of commercial property and usage prevented blanket conclusions from being drawn.