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

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In the coming days, homeowners be getting their property assessments in the mail - in fact, you can already check them online.

In West Vancouver, dominated by expensive single-family homes, residential values were flat, up just over one per cent.

Last year, in response to the massive increase in single-family home values, the provincial government raised the threshold at which owners begin to lose the homeowners grant - bumping it from $1.2 million to $1.6 million of assessed value.

In urban areas on Vancouver Island, residential single detached homes went up 10 to 25 per cent in value, residential strata units went up 15 to 35 per cent, commercial properties went up zero to 20 per cent and light-industrial properties went up zero to 20 per cent.

The latest assessments are based on market values last summer, officials said. Rural stratified property values were up between five to 25 per cent, BC Assessment estimated.

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But this January, it's the increase in the values of condominiums which have been most notable, while the hikes in values of single-family homes have been more modest.

"If you've got a condo in Vancouver, I think they're going to get it pretty right, because there's so many homes they compare to yours, but out in the hinterlands, it gets thinner, and you have to believe if your home is unique in some ways, that they could botch the assessment".

Property values in the North Peace continued to decline a year ago, while values increased in many parts of the South Peace, according to BC Assessment. This is compared to a 48 per cent change a year ago.

On the North Shore, home values in the City of North Vancouver went up the most - by an average of 10 per cent - led by increases in Lonsdale area condo values.

"The dream of having a detached single-family home maybe as your first house will have to change now, either looking to a townhouse or a condo, " said realtor Tony Joe.

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Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. By the third quarter of 2017, average house prices were 9.6 per cent above the July 1, 2016 average.

The home with the highest assessed home value was $1,857,000.

According to the figures released by BC Assessment, townhouses in Delta are up in the neighbourhood of 12 per cent over previous year, while many condos have increased in value by close to 20 per cent.

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. The physical condition is based on how the property was on October 31, 2017.

To qualify for this tax relief, the owner should submit a completed application form to BC Assessment each year by November 30 to receive the benefit in the following assessment/taxation year.

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