Homeowners throughout the Lower Mainland – as well as the rest of BC – can can expect to receive their annual property notices from BC Assessment, which reflect market value as of July 1, 2017 in the next few days.
When it comes to the Greater Vancouver region – which includes homes in VAncouver, West Vancouver, North Vancouver, Squamish, Whistler, Burnaby, Coquitlam, Port Coquitlam, Port Moody, and New Westminster – “the majority of residential home owners within the region can expect a modest change compared to last year’s assessment,” said Acting Assessor Paul Borgo. “The single family home market is very stable while the residential strata market is quite robust this year.”
Overall, the Greater Vancouver region’s total assessments increased from $825.2 billion in 2017 to $907.1 billion this year.
A total of almost $13.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.
In the Fraser Valley, “the majority of residential home owners within the region can expect an increase, compared to last year’s assessment,” said spokesperson Laura Schwagele. “This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single family detached homes.”
Overall, the Fraser Valley’s total assessments increased from $430.1 billion in 2016 to $492.2 billion. A total of almost $10.6 billion of the region’s updated assessments is from new construction, subdivisions, and rezoning of properties.
Schwagele said property owners who feel that their property assessment does not reflect market value as of July 1, 2017 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” said Schwagele.