January 02, 2019
VANCOUVER — In the next few days, owners of more than 529,700 properties throughout the Greater Vancouver region can expect to receive their 2019 assessment notices which reflect market value as of July 1, 2018.
“The majority of residential home owners within the region can expect a modest change compared to last year’s assessment,” says Deputy Assessor Keith MacLean-Talbot. “The single family home market saw slight increases or decreases depending on the municipality.”
Greater Vancouver is now seeing signs of moderation as the real estate market softens in some areas. As B.C.’s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The table below indicates the Greater Vancouver region’s estimated range of percentage changes to 2019 assessment values by property type compared to 2018. Please note property assessments may vary by jurisdiction or municipality within the region.
Overall, the Greater Vancouver region’s total assessments increased from almost $904 billion in 2018 to about $947 billion this year. A total of $12.65 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties. BC Assessment’s Greater Vancouver region includes much of Metro Vancouver such as the City of Vancouver, the North Shore, Burnaby, New Westminster and the Tri-cities with Belcarra/Anmore as well as the Sea to Sky area and Sunshine Coast.
The summaries below provides estimates of average 2018 versus 2019 assessed values of properties throughout the region. The average is represented by the median, or mid point, value which removes the influence of outliers.
These examples demonstrate market trends for single-family residential properties by geographic area:
These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select urban areas:
BC Assessment’s website at bcassessment.ca includes more details about 2019 assessments, property information and trends such as lists of 2019’s top valued residential properties across the province. The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2019 property assessments for anywhere in the province. As a new option, property owners can unlock additional property search features by registering for a free BC Assessment custom account to store/access favourites, create comparisons and use our new interactive map.
“Property owners can find a lot of information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2018 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” says Deputy Assessor Keith MacLean-Talbot.
“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,” adds MacLean-Talbot.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the Ministry of Municipal Affairs and Housing, and typically meet between February 1 and March 15 to hear formal complaints.
“It is important to understand that increases in property assessments do not automatically translate into a corresponding increase in property taxes,” explains MacLean-Talbot. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
The Greater Vancouver BC Assessment office is located at:
#200-2925 Virtual Way, Vancouver, BC V5M 4X5
During the month of January, office hours are 8:30 a.m. to 5:00 p.m., Monday to Friday. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcasssessment.ca
SOURCE BC Assessment