When property owners in New West get their 2024 assessment notices, they should notice “modest” changes from last year.
BC Assessment is in the midst of sending out 2024 assessment notices to more than a million properties throughout the Lower Mainland. The assessment notices 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," BC Assessment assessor Bryan Murao said in a news release. "Most homeowners can expect only modest changes in the range of -5 per cent to +5 per cent. These assessment changes are notably less than previous years."
According to Murao, 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.
For the Lower Mainland region, the overall total assessments have increased from about $1.94 trillion in 2023 to nearly $2 trillion this year, with nearly $27.2 billion of the region's updated assessments coming from new construction, subdivisions and the rezoning of properties. BC Assessment's Lower Mainland region includes all of Greater Vancouver and the Fraser Valley, as well as the Sea to Sky area and the Sunshine Coast.
In a Jan. 2 news release, BC Assessment included charts showing estimates of typical changes from 2023 to 2024 in the assessed value of residential properties. The examples provided by BC Assessment demonstrate market trends for single-family residential properties by geographic area.
A single-family home assessed in New Westminster at $1,542,000 as of July, 1, 2022 was assessed at $1,567,000 on July 1, 2023.
The two per cent increase in assessments in New West is the same increases seen in many neighbouring municipalities including Port Moody, the District of North Vancouver, the City of North Vancouver, Maple Ridge and the Township of Langley.
A range of assessments for single-family homes was reported in the Lower Mainland, including a zero per cent increase in Surrey, a nine per cent increase in Belcarra, four per cent increases in Burnaby and Vancouver; on the flip side, decreased assessments were reported in some communities – a 13 per cent decrease in Hope, a five per cent decrease in Chilliwack, and two per cent decreases in White Rock, Delta, the City of Langley, Mission, Whistler and the District of North Vancouver.
Another example provided by BC Assessment demonstrated market trends for strata residential properties (e.g. condos/townhouses).
A strata condo/townhouse in New West that was assessed at $626,000 as of July 1, 2022 was later assessed at $645,000 as of July 1, 2023. Assessment changes for strata condo/townhouse properties in the Lower Mainland ranged from a four per cent increase (Richmond) to a three per cent decrease (Abbotsford) – with New West seeing a three per cent increase.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," Murao said. "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."
BC Assessment's website includes more details about 2024 assessments, property information and trends such as lists of 2024's top valued residential properties across the province. It 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.
Murao said property owners can find valuable information on the 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," Murao said. “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 Jan. 31, 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 Feb. 1 and March 15 to hear formal complaints.
