Lower Mainland 2024 Property Assessments in the Mail

VANCOUVER, BC, Jan. 2, 2024 /CNW/ - In the next few days, owners of more than a million properties throughout the Lower Mainland can expect to receive their 2024 assessment notices which reflect market value as of July 1, 2023.

"Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value," says BC Assessment Assessor Bryan Murao. "Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years." 

Explaining the relationship between Property Assessments and Property Taxes (CNW Group/BC Assessment)

British Columbia's Top 500 Valued Homes for the 2024 Property Assessments. (CNW Group/BC Assessment)

B.C.'s LOWER MAINLAND Top 100 Valued Homes for the 2024 Property Assessments. (CNW Group/BC Assessment)

"Commercial and industrial properties are generally increasing in value at a higher rate than residential, especially in areas such as the Fraser Valley where properties are up in value as a result of limited industrial land," adds Murao.

As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.

For the Lower Mainland region, the overall total assessments have increased from about $1.94 trillion in 2023 to nearly $2 trillion this year. Almost $27.2 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties. BC Assessment's Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.

The summaries below provide estimates of typical 2023 versus 2024 assessed value changes of residential properties for each community throughout the region.

These examples demonstrate market trends for single-family residential properties by geographic area:*

Single Family Homes Changes by Community	2023 Typical Assessed Value as of July 1, 2022	2024 Typical Assessed Value as of July 1, 2023	% Change
City of Vancouver	$2,124,000	$2,209,000	+4 %
University Endowment Lands	$5,466,000	$5,560,000	+2 %
City of Burnaby	$1,897,000	$1,973,000	+4 %
City of Coquitlam	$1,650,000	$1,722,000	+4 %
City of Port Coquitlam	$1,347,000	$1,391,000	+3 %
City of Port Moody	$1,795,000	$1,824,000	+2 %
City of New Westminster	$1,542,000	$1,567,000	+2 %
District of North Vancouver	$2,050,000	$2,087,000	+2 %
City of North Vancouver	$1,947,000	$1,988,000	+2 %
District of West Vancouver	$3,111,000	$3,050,000	-2 %
District of Squamish	$1,496,000	$1,475,000	-1 %
Resort Municipality of Whistler	$2,902,000	$2,842,000	-2 %
Village of Pemberton	$1,332,000	$1,340,000	+1 %
Bowen Island Municipality	$1,362,000	$1,365,000	0 %
Village of Lions Bay	$2,118,000	$2,026,000	-4 %
Village of Belcarra	$1,874,000	$2,045,000	+9 %
Village of Anmore	$2,523,000	$2,544,000	+1 %
Town of Gibsons	$982,000	$939,000	-4 %
District of Sechelt	$943,000	$884,000	-6 %
City of Surrey	$1,609,000	$1,609,000	0 %
City of White Rock	$1,754,000	$1,725,000	-2 %
City of Richmond	$1,822,000	$1,874,000	+3 %
City of Delta	$1,428,000	$1,406,000	-2 %
Township of Langley	$1,423,000	$1,446,000	+2 %
City of Langley	$1,336,000	$1,308,000	-2 %
City of Abbotsford	$1,172,000	$1,139,000	-3 %
City of Chilliwack	$933,000	$891,000	-5 %
City of Maple Ridge	$1,203,000	$1,226,000	+2 %
City of Pitt Meadows	$1,293,000	$1,305,000	+1 %
City of Mission	$1,052,000	$1,035,000	-2 %
District of Kent	$795,000	$775,000	-3 %
District of Hope	$705,000	$611,000	-13 %
Harrison Hot Springs	$905,000	$851,000	-6 %

*All data calculated based on median values.

These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select urban areas:*

Strata Homes  (Condos/Townhouses) Changes by Community	2023 Typical  Assessed Value as of July 1, 2022	2024 Typical  Assessed Value  as of July 1, 2023	%  Change
City of Vancouver	$804,000	$807,000	0 %
City of Burnaby	$721,000	$731,000	+1 %
City of Coquitlam	$712,000	$720,000	+1 %
City of Port Coquitlam	$648,000	$669,000	+3 %
City of Port Moody	$826,000	$826,000	0 %
City of New Westminster	$626,000	$645,000	+3 %
City of North Vancouver	$840,000	$836,000	0 %
District of North Vancouver	$924,000	$945,000	+2 %
District of West Vancouver	$1,390,000	$1,407,000	+1 %
District of Squamish	$844,000	$830,000	-2 %
Resort Municipality of Whistler	$1,358,000	$1,349,000	-1 %
City of Surrey	$700,000	$710,000	+1 %
City of White Rock	$633,000	$636,000	0 %
City of Richmond	$752,000	$779,000	+4 %
City of Delta	$734,000	$747,000	+2 %
Township of Langley	$764,000	$777,000	+2 %
City of Langley	$549,000	$546,000	-1 %
City of Abbotsford	$495,000	$480,000	-3 %
City of Maple Ridge	$648,000	$658,000	+2 %

*All data calculated based on median values.

BC Assessment's website at bcassessment.ca includes more details about 2024 assessments, property information and trends such as lists of 2024'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 2024 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.

"Property owners can find valuable information on our website including answers to many assessment-related questions. Those who feel that their property assessment does not reflect market value as of July 1, 2023, or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Assessor Bryan Murao.

"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 Murao.

The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.

"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Murao. "As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."

Have questions?

Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.

MEDIA BACKGROUNDER
 January 2, 2024

Facts on B.C. Property Assessments and the 2024 Assessment Roll

• Total number of British Columbia properties on the 2024 Roll is 2,184,692, a 1% increase from 2023.
  
  
• Total value of all B.C. real estate on the 2024 Roll is over $2.79 trillion, an increase of 3% from 2023.
  
  
• Total amount of 'non-market change', including new construction, rezoning and subdivisions is approximately $39.62 billion, an increase of over 18% from the 2023 Roll of $33.52 billion.
  
  
• In B.C., approximately 88.5% of all properties are classified with some residential (Class 1) component.
  
  
• 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, 2023 and physical condition as of October 31, 2023. 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 nearly $10 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 2024 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit bcassessment.ca and click on the "Property Information & Trends" link.

SOURCE BC Assessment

Media contact: Tim Morrison, BC Assessment Senior Communications Advisor, Email: [email protected] Tel. [phone] Ext. 00135