Greater Vancouver 2019 Property Assessments in the Mail
VANCOUVER, Jan. 2, 2019 /CNW/ - 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.
Property Type |
URBAN areas of Greater Vancouver 2019 Assessments Range of % Changes in Value (as of July 1, 2018) |
RURAL areas of Greater Vancouver 2019 Assessments Range of % Changes in Value (as of July 1, 2018) |
Residential Single Detached |
-15% to +10% |
-5% to +20% |
Residential Strata Units (e.g. condominiums) |
0% to +25% |
-5% to +25% |
Commercial |
0% to +45% |
-10% to +25% |
Light Industrial |
0% to +55% |
-10% to +50% |
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:
Community |
2018 Average as of July 1, 2017 |
2019 Average as of July 1, 2018 |
%
|
City of Vancouver |
$ 1,832,000 |
$ 1,756,000 |
-4% |
University Endowment Lands |
$ 6,662,500 |
$ 5,903,500 |
-11% |
City of Burnaby |
$ 1,578,000 |
$ 1,513,000 |
-4% |
City of Coquitlam |
$ 1,251,000 |
$ 1,254,000 |
+0.2% |
City of Port Coquitlam |
$ 936,000 |
$ 969,000 |
+4% |
City of Port Moody |
$ 1,284,000 |
$ 1,342,000 |
+5% |
City of New Westminster |
$ 1,133,000 |
$ 1,147,000 |
+1% |
City of North Vancouver |
$ 1,574,000 |
$ 1,510,000 |
-4% |
District of North Vancouver |
$ 1,668,000 |
$ 1,668,000 |
0% |
District of West Vancouver |
$ 3,184,000 |
$ 2,806,000 |
-12% |
District of Squamish |
$ 875,000 |
$ 927,000 |
+6% |
Resort Municipality of Whistler |
$ 1,743,000 |
$ 1,935,000 |
+11% |
Village of Pemberton |
$ 727,000 |
$ 828,500 |
+14% |
Bowen Island Municipality |
$ 894,000 |
$ 966,000 |
+8% |
Village of Lions Bay |
$ 1,569,000 |
$ 1,492,500 |
-5% |
Village of Belcarra |
$ 1,578,500 |
$ 1,460,500 |
-8% |
Village of Anmore |
$ 2,011,500 |
$ 2,130,000 |
+6% |
Town of Gibsons |
$ 605,000 |
$ 675,000 |
+12% |
District of Sechelt |
$ 546,000 |
$ 605,000 |
+11% |
These examples demonstrate market trends for strata residential properties (e.g. condominiums) by geographic area for select urban areas:
Community |
2018 Average as of July 1, 2017 |
2019 Average as of July 1, 2018 |
%
|
City of Vancouver |
$ 700,000 |
$ 740,000 |
+6% |
City of Burnaby |
$ 558,000 |
$ 624,000 |
+12% |
City of Coquitlam |
$ 521,000 |
$ 591,000 |
+13% |
City of Port Coquitlam |
$ 461,000 |
$ 534,000 |
+16% |
City of Port Moody |
$ 583,000 |
$ 648,000 |
+11% |
City of New Westminster |
$ 478,000 |
$ 547,000 |
+14% |
City of North Vancouver |
$ 659,000 |
$ 707,000 |
+7% |
District of North Vancouver |
$ 709,000 |
$ 758,000 |
+7% |
District of West Vancouver |
$ 1,211,000 |
$ 1,285,000 |
+6% |
District of Squamish |
$ 492,000 |
$ 583,500 |
+19% |
Resort Municipality of Whistler |
$ 781,000 |
$ 962,000 |
+23% |
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
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
Media contact: Tim Morrison, Senior Communications Advisor, BC Assessment, Tel. 1.866.825.8322 Ext. 00135 Email: [email protected]
MEDIA BACKGROUNDER
January 2, 2019
Facts on B.C. Property Assessments and the 2019 Assessment Roll
- Total number of properties on the 2019 Roll is 2,067,479, an approximate 1.07% increase from the most recent 2018 roll.
- Total value of real estate on the 2019 Roll is over $1.99 trillion, an increase of nearly 7.45% from 2018.
- Total amount of 2019 'non-market change', including new construction, rezonings and subdivisions is approximately $31.38 billion.
- In B.C., approximately 88% of all properties are classified with some residential (Class 01) component. This equates to $ 1,525,554,587,865 of the value on the total provincial roll.
- Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property's market value as of July 1, 2018 and physical condition as of October 31, 2018. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise about $8 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use "Find your property assessment".
- For more information on the 2019 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.
SOURCE BC Assessment
Media contact: Tim Morrison, Senior Communications Advisor, BC Assessment, Tel. 1.866.825.8322 Ext. 00135, Email: [email protected]
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