Some Metro Vancouver properties jump 40% in value in new assessments
Many BC properties saw large jumps in their assessed value this year, with detached homes seeing the biggest increases as residents seek more space during the COVID-19 pandemic.
Letters to homeowners with updated property values, as of July 1, 2021, are in the mail to British Columbians, but owners keen to see right away can also check their home’s value online.
“British Columbia’s real estate market remains highly active and that means most property owners can expect higher assessment values for 2022,” BC Assessment deputy assessor Bryan Murao said in a news release. “The widely reported heighted demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10 to 30 percent increases throughout the Lower Mainland.”
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Condos saw smaller relative increases, with percent changes often in the single digits. In Vancouver, the assessed value for condos increased 7% compared to 2021, on average.
However, single-detached homes in the Fraser Valley and other suburbs saw huge increases — with houses in Chilliwack increasing in assessed value by 40% on average.
Assessed value for homes plays a role in calculating property taxes, and a higher assessed value jump compared to neighbours could lead to a higher tax charge.
Detached home trends by municipality
Strata home trends by municipality