What was your property worth on July 1?
British Columbia's real estate market has seen continued activity in 2017 with residential and commercial property values showing growth in most areas. 2018 property assessment values will reflect what was happening around BC Assessment's uniform valuation date of July 1, 2017.
"The preliminary market analysis for 2018 property assessments is showing strong market conditions across most areas and property types in the province, with a few exceptions," says Assessor Tina Ireland. "Assessments for detached single family homes in central parts of Metro Vancouver, for example, will be relatively stable, while other parts of the province will see increases when compared to last year's assessments. Residential strata values are going up in most communities while commercial and industrial properties are also continuing to rise, particularly in the Vancouver area."
The Okanagan can expect to see increases of 10-20% for detached single family homes.
The residential strata market (i.e. condos) is quite robust with typical changes expected to be in the 10-30% range. Commercial and industrial properties can expect strong increases across most of the province in the 10-20% range.
July 1 of each year marks the date BC Assessment estimates the market value of properties in B.C. BC Assessment's professional appraisers analyze current sales in the local area, as well as the property's size, age, quality, condition, view and location. The single common date ensures property assessments are equitable and uniform compared to the other properties across B.C.
"It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes," adds Ireland. "How your assessment changes relative to the average change in your community is what may affect your property taxes."
All British Columbia's property owners will receive their annual property assessment notices in early January, 2018. BC Assessment's website at bcassessment.ca will be updated on January 2, 2018 with access to a variety of 2018 property assessment information. This will include the ability for property owners to search and compare 2018 property assessments.
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