April 22, 2018

Greater Vancouver home assessments up 1-30% in 2018: BC Assessment

12 January 2018, 09:04 | Cesar Cruz

Kamloops home values in 2018 property assessment numbers are up again

Property values drop in north, rise in the south as 2018 assessments mailed out

The lack of inventory and heavy demand for housing on Vancouver Island could result in some condominium and townhouse owners reeling from sticker shock this week when their 2018 property assessment arrives.

"The single-family homes have been quite active and we're seeing increases up to 25 per cent".

The highest assessed property for Vancouver Island and the Gulf Islands is an acreage on James Island valued at $5.4-million.

Vancouver, Squamish, Burnaby, Tri-Cities, Richmond, Surrey and the North Shore were among the areas with the highest increases past year, and the province sent out notices ahead of time so owners wouldn't be caught off-guard.

The latest assessments are based on market values last summer, officials said.

- If you believe the panel did not consider changes or physical problems with your property, did not assess the fair market value of your property or you believe the assessment is inconsistent with that of similar properties, you can file an appeal of the panel's decision with the Property Assessment Appeal Board by April 30.

It is important to remember that assessment increases do not automatically translate into property tax increases.

The single most expensive home in the province is on Point Grey Road in Vancouver.

The increases seen this year were, on average, far less than those seen last year, when assessed values jumped 20-50%.

It confirms what figures have shown over the past year: The market for higher-end homes stagnated in the last half of 2016 and in 2017, following months of explosive growth.

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BC Assessment announced January 2 has mailed its 2018 residential and commercial property assessments, reflecting market values as of July 1, 2017.

As houses become out of reach for more people, he said, cheaper properties become more attractive and their relatively low supply is driving much of the increases.

The assessed value of a typical condo in the City of Langley went up by 36 per cent this year, according to a release from BC Assessment.

Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.

Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property.

The values posted this week reflect market value as of July 1, 2017.

Most other Fraser Valley communities have also seen sharp increases in strata values, although most cities have also seen modest jumps for single-family homes.

The BC Assessment Authority is responsible for the annual valuation of over two million properties in B.C. but has less than 700 employees, so it remains the property owners' responsibility to review and appeal annual property assessment notices.

But aside from the fact that Chip Wilson's house continues to be astronomically valuable, here are a few other key facts to take away from this year's release of property data.

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