In a sign that the Lower Mainland real estate market seems to settling into a period of relative stability, recent 2024 property assessments released by BC Assessment this month show little change over 2023.
Property owners in Vancouver and the Lower Mainland rung in the new year with an increase in property assessments for 2024, as total overall assessments jumped from $1.94 trillion in 2023 to nearly $2 trillion this year, roughly a 2% rise.
“Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value,” according to BC Assessment Assessor Bryan Murao. “Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years.”
“Commercial and industrial properties are generally increasing in value at a higher rate than residential, especially in areas such as the Fraser Valley where properties are up in value as a result of limited industrial land,” adds Murao.
BC ASSESSMENT
BC Assessment collects, monitors, and analyzes property data throughout the year to determine its annual property assessments, which are then used by municipalities to calculate property taxes.
”It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Murao. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes.”
For instance, if your property assessment’s value change is lower than the average value change for your property class, your property taxes will likely decrease. Correspondingly, if your property assessment’s value change is higher than the average value change for your property class, your property taxes will likely increase.
BC Assessment’s Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast, and includes more than one million properties.
The tiny village of Belcarra on the eastern shore of Indian Arm saw the biggest increase in single family home assessments of any municipality in the Lower Mainland region, with a 9% jump over 2023 values, as typical home assessment topped $2 million for the first time. Meanwhile in Hope, at the eastern end of the Fraser Valley, homeowners there saw the biggest decrease in assessed values in the Lower Mainland, with a 13% drop, with typical single-family homes assessed at $611,000, the lowest in the region.
PROPERTY ASSESSMENT
Vancouver real estate owners saw moderate increases, with a 4% rise in single-family homes and a typical assessed value of $2.2 million.
In the condo/townhouse market, there was even less change in assessed values, ranging from a 4% increase in Richmond to a 3% decrease in Abbotsford. The City of Vancouver, meanwhile, saw no change in assessed values for condos and townhomes.
The UBC Endowment Lands had the highest typical assessed value of single-family homes of all municipalities in the Lower Mainland, valued at a whopping $5.56 million, representing a 2% increase from 2023. The most inexpensive properties were condos and townhomes in Abbotsford, with typical assessed values of $480,000.
According to BC Assessment, changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
LEARN MORE
If you believe an error has been made in your property assessment, or you have questions about your assessment, property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
To learn more about property assessments, property information and trends such as lists of 2024’s top valued residential properties across the province, visit BC Assessment’s website at bcassessment.ca.
Are you looking to buy or sell a home? The legal experts at Clark Woods LLP are happy to assist with your real estate and conveyance needs. Call 604-227-9153 today to setup a consultation or visit our real estate page for more information.