Background Facts:
The property in question, located at 1530 Foster Street, White Rock, British Columbia, had two encumbrances: an easement and a restrictive covenant. These encumbrances were originally created in 1959 when Canada Safeway Limited subdivided the land. The restrictive covenant limited the use of the property, preventing the operation of certain businesses and imposing parking requirements. Fraser Park Realty Ltd. acquired the property with plans for residential development, but these plans were hindered by the encumbrances. The Assessor valued the property for 2020 and 2021 without considering the encumbrances, leading to an assessed value of approximately $30 million.

Legal Issues:
The key legal issue was whether the Property Assessment Appeal Board was correct in ruling that the encumbrances should be considered in the property’s valuation under the Assessment Act. The Assessor argued that the property should be assessed as if unencumbered, while Fraser Park Realty Ltd. claimed that the encumbrances significantly reduced the property's market value.

Court's Decision:
The Supreme Court of British Columbia upheld the Board’s decision, stating that the encumbrances must be considered in the property assessment. The court concluded that private restrictions could affect a property's market value and should be factored into its assessment.

Costs Awarded:
Fraser Park Realty Ltd. was awarded costs as the successful party, though the specific amount was not detailed in the judgment.