Property assessments increasing in city

Property assessments increasing in city

This week, owners of more than 522,000 properties throughout Greater Vancouver can expect to receive their 2018 assessment notices.

Residential strata units in urban areas vary between a five per cent decrease and 20 per cent increase compared to 2017 numbers, while properties in urban areas increased by five per cent to 25 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.

Vancouver, Squamish, Burnaby, Tri-Cities, Richmond, Surrey and the North Shore were among the areas with the highest increases past year, and the province sent out notices ahead of time so owners wouldn't be caught off-guard.

How will your property assessment affect your property taxes?

The 2018 property assessments were released this week but reflect the value assessed as of July 1, 2017.

Meanwhile, the assessed value of detached homes in much of Metro Vancouver remained steady, signalling a break from the trend in recent years of marked increases.

Sales of single-family homes, which "pretty well doubled" in the past four or five years are beyond what most people can afford, said Sidhu, which has driven buyers to the condo market.

This small increase follows last year's record setting assessment, where Delta homeowners saw property values increase by an average of 42 per cent across the community.

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It confirms what figures have shown over the past year: The market for higher-end homes stagnated in the last half of 2016 and in 2017, following months of explosive growth. The resulting assessment reflects the market value as of July 1.

"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.

Osoyoos homes saw an average 17-per-cent jump in assessments this year, reflecting a stronger real estate market throughout the Okanagan region.

Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.

The highest average single-family assessment in Greater Victoria was in Oak Bay, at $1.156 million, up from $1.036 million a year ago.

More than 98 per cent of property owners typically accept their property assessment without proceeding to a formal independent review of their assessment, BC Assessment says.

If a property owner is still concerned about their assessment after speaking to an appraiser, they may submit a notice of complaint (appeal) by January 31 for an independent review by a Property Assessment Review Panel, she said.

Overall, assessment values in Northern B.C. increased by more than $1 billion, from $60.3 billion in 2017 to $61.8 billion for 2018 due to new construction, subdivisions and rezonings. The physical condition is based on how the property was on October 31, 2017.

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