You likely received your BC Assessment notice in the mail last month and saw a substantial increase in your home value. Metro Vancouver property assessments saw an uptick of 15-50 percent in 2017.
Larger property assessments increase for single-family homes
Increases of 30-50% were typical for single-family homes in Vancouver, North and West Vancouver, Burnaby, Tri-Cities, New Westminster and Squamish. One of the biggest increases was in Burnaby’s Buckingham area, where the average single-family home value jumped 46% to more than $2.7 million. Single-family homes in North Vancouver’s Lynn Valley (up 46% to more than $1.6 million) and in Ambleside in West Vancouver (up 42% to more than $3.9 million) saw some of the region’s biggest increases.
Smaller property assessment increase for the strata properties
Strata residential properties saw smaller increases in the 15-30% range. For example, strata high rises in the Burnaby Metrotown area rose 19%, with the average value reaching $608,000.
Commercial and industrial properties also jumped, with average values up 15-40%, and commercial properties being purchased for eventual redevelopment often exceed these ranges.
Property assessments vs market value
Higher property assessments mean higher property taxes, and the provincial government quickly announced changes to the home owner grant program to include properties with assessed values up to $1.6-million (up from the $1.2-million threshold last year) – learn more.
BC assessment values are determined in July of the previous year and should not be solely relied upon as an accurate indicator of current market value. Ultimately market value is determined by what buyers are willing to pay at a specific time in the market place. Single-family homes in many areas last month sold below assessed values, while condos sold close to or above assessed values. Contact us, YourHomeTeam, if you would like a current valuation of your property. Call (604) 808-HOME(4663) or email info@yourhometeam.com
