BC Assessment says the majority of the over half-million residential homeowners in Greater Vancouver can expect a significant increase in their property assessment, typically 30 to 50 per cent on a single-family home.
It’s a jump of 41 per cent in Vancouver, between 32 and 42 per cent in West Van, 43 to 46 per cent in Burnaby, and 33 to 37 per cent in Coquitlam.
Assessor Jason Grant says the typical condo increase is between 15 and 30 per cent.
In the Fraser Valley, BC Assessment says the value of residential properties has also risen between 30 and 50 per cent compared to last year, including jumps of 37 to 42 per cent in Richmond, 44 to 48 per cent in Delta, 34 to 50 per cent in Surrey.
Grant says they were not expecting to see such similar increases across the board.
“The interesting thing about this year is there is a remarkable amount of consistency to the increases that we’re seeing. So right from Squamish, clear through the Fraser Valley to even Chilliwack.”
But he says owners shouldn’t worry just yet, as a jump in property assessments does not necessarily mean higher property taxes.
“Let’s say in your particular circumstance your property went up 30 per cent, and the average change for your community was 35 per cent, you actually in that instance had a large assessment increase but you under shifted the average for your particular community.”
The assessments reflect market value as of July 1, 2016, before the foreign property tax was implemented.
With files from Gord MacDonald