Majority of the province's homeowners can expect only "modest changes" in values, says assessor
Residential asset prices in British Columbia stabilized over the past year, according to the province’s latest housing assessment figures.
In particular, Metro Vancouver exhibited few price fluctuations. BC Assessment cited the Village of Belcarra as a notable exception, with single-family homes in this market seeing a 9% uptick that pushed the assessed value of a typical family home to above $2 million.
BC Assessment said that its latest evaluation, which reflected market conditions as of July 1, 2023, found that single-family homes in Vancouver saw a 4% increase in assessed values, exceeding $2.2 million. Conversely, strata properties exhibited stability, posting minimal change to remain at $807,000.
“Across the Lower Mainland and throughout BC, the overall housing market has generally stabilized in value,” said 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.”
The BC housing market is experiencing restrained purchase activity due to high interest rates and stringent stress tests.
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BC Assessment reported that cumulative assessments have grown from approximately $1.94 trillion in the preceding year to nearly $2 trillion in the 2024 evaluation. Notably, $27.2 billion of the gain stemmed from new constructions, subdivisions, and property rezoning.
BC Assessment said that interested parties seeking in-depth exploration of 2024 assessments, property details, and prevailing trends can access the assessor’s comprehensive resource at bcassessment.ca.
“Property owners can find valuable information on our website including answers to many assessment-related questions,” Murao said. “Those who feel that their property assessment does not reflect market value as of July 1, 2023, 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 31, for an independent review by a Property Assessment Review Panel.”
