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B.C. property assessments higher, but market has changed: assessor

Click to play video: 'B.C. property assessments to rise 5-15% despite cooling market'
B.C. property assessments to rise 5-15% despite cooling market
WATCH: BC Assessment warns homeowners their upcoming property valuations will likely be higher than the current market price. Catherine Urquhart explains why property values are rising despite a cooling real estate market and what it means for property taxes. – Dec 5, 2022

British Columbia’s property assessment agency is warning homeowners that figures released next month estimating the value of their home will likely be higher than the current market price.

BC Assessment says in a statement that most owners can expect to see a five to 15 per cent rise in values when notices are issued Jan. 3. However, it says those figures are based on the real estate market as of July 1, 2022, and conditions have changed.

Since then, interest rates have continued to rise while overall sales volumes have declined.

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The valuation is used to assess local property taxes, and BC Assessment says an added tax burden would only come for owners if the value of their property increased above the average for that community.

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The 2023 property assessments will be posted online at bcassessment.ca, along with regional news releases with detailed value changes by community, lists of top-valued homes and other market movement trends.

Click to play video: 'BIV: Real Estate market should brace for rough 2023'
BIV: Real Estate market should brace for rough 2023

“Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined,” assessor Bryan Murao says in the statement.

“As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone.”

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