By Canadian Press

Assessed property values stabilize in parts of B.C. including Metro Vancouver

Jan 2, 2024 | 10:16 AM

VANCOUVER — The latest housing assessment figures in British Columbia show residential property prices have stabilized in several provincial housing markets. 

BC Assessment says changes in Metro Vancouver have been “notably less” than previous years, with only single-family homes in the Village of Belcarra seeing a shift greater than five per cent with a nine per cent increase for a typical family home to just over $2 million.

The assessed value of a single-family home in Vancouver which reflected the market on July 1, 2023, rose four per cent to just above $2.2 million, while strata properties remained nearly unchanged at $807,000.

In the Lower Mainland, the Sunshine Coast, Greater Victoria and the Okanagan only single-home values at three communities saw change exceeding five per cent, with Sechelt and Harrison Hot Springs both down six per cent while Hope dropped by 13 per cent.

BC Assessment says north and central B.C. communities did see more fluctuations, with several communities such as Prince Rupert down eight per cent to $409,000 in the plus- or minus-10-per-cent range.

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The assessments are used by government to provide homeowner grants, giving some relief on property tax bills ranging from $570 to $1,045 on homes that are valued at under $2.15 million. 

Spikes and dips to assessments are also seen in northern and central Vancouver Island, with single-home values at the Village of Port Alice increasing 34 per cent to $349,000.

Overall in the Lower Mainland and the Sunshine Coast, BC Assessment says total assessments have risen to nearly $2 trillion this year from about $1.94 trillion last year. 

Assessor Bryan Murao says in a statement that while residential values have flattened, commercial and industrial assessments are rising at a faster pace, especially in the Fraser Valley due to a lack of land.

This report by The Canadian Press was first published Jan. 2, 2024.

The Canadian Press