Despite Lower Mainland real estate values sinking from their peak last spring, assessments of Tri-Cities properties are still showing significant gains for the year.
BC Assessment released its valuations for last year (based on July sales data) on Jan. 3, 2023. Data shows that condos and apartments generally maintained larger increases than single-family homes across the region.
“Homes were still selling notably higher around July 1, 2022 compared to the previous year,” said Bryan Murao, an assessor with BC Assessment.
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“For both single family homes and condos in Greater Vancouver, most homeowners can expect about a nine percent rise in values whereas the Fraser Valley will be a bit higher at about 10 percent for houses and 15 percent for condos and townhomes.
“The majority of the commercial and industrial properties across the province will also be receiving higher assessed values in the range of 5 percent to 20 percent with the Fraser Valley generally higher.”
For Coquitlam, Port Coquitlam and Port Moody, median single-family-home prices rose from between nine and 10 percent across the three cities from July 2021 to 2022. The increases have been cut by over half since the first quarter of 2022, when the annual increase peaked at 23.2 percent
The median price for condos and townhomes prices increased by 13 percent across all three cities, with a less dramatic fall from a peak of 20.2 percent.
Median single-family home prices in the villages of Belcarra and Anmore rose by seven and six percent, respectively.
In Greater Vancouver, the largest gains in single-family home prices were seen by the Township of Langley (15 percent), whereas the City of White Rock saw the largest gains for condos and townhomes (21 percent).
|City of Coquitlam||$1,499,000||$1,650,000||+10%|
|City of Port Coquitlam||$1,233,000||$1,347,000||+9%|
|City of Port Moody||$1,627,000||$1,793,000||+10%|
|Village of Belcarra||$1,746,000||$1,874,000||+7%|
|Village of Anmore||$2,372,000||$2,523,000||+6%|
Condos / townhomes
|City of Coquitlam||$631,000||$711,000||+13%|
|City of Port Coquitlam||$574,000||$648,000||+13%|
|City of Port Moody||$731,000||$826,000||+13%|
Owners of over one million properties throughout B.C. will soon receive their 2023 assessment notices, notifying them whether their property taxes will increase or decrease.
Individual property assessments can be found on bcassessment.ca. Appraisers analyze current sales in the area, and a building’s characteristics, age, quality, condition, view and location.
If a property’s value is lower than the average increase, taxes will likely decrease; if it’s higher, taxes will likely increase.
Total real estate value in the Lower Mainland increased from $1.75 trillion in 2022 to over $1.94 trillion this year, with nearly $23 billion in added value from new construction, subdivisions and rezoning.
B.C.’s total real estate value is now worth over $2.72 trillion, an increase of nearly 12 percent from 2022.
A total of 2,160,828 properties were assessed this year, an increase of one percent from the last assessment.
BC Assessments annual assessments provide the basis for collecting over $8 billion in taxes each year.