Last month, the B.C. Assessment sent warning letters to 67,000 B.C. homeowners, letting them know to expect outsized increases on their 2018 property assessment notices. An example property is now assessed at $524,000 in 2018, up from $440,000 in 2017.
In urban areas on Vancouver Island, residential single detached homes went up 10 to 25 per cent in value, residential strata units went up 15 to 35 per cent, commercial properties went up zero to 20 per cent and light-industrial properties went up zero to 20 per cent.
How will your property assessment affect your property taxes? The average change in property values for each municipality can be found on BC Assessment's website.
Meanwhile, the assessed value of detached homes in much of Metro Vancouver remained steady, signalling a break from the trend in recent years of marked increases.
The single most expensive home in the province is on Point Grey Road in Vancouver.
The assessed value of a single-family residential home in the Kelowna area has increased 17 per cent to an average $725,000.
In the City of Vancouver, the biggest increase was a 15% jump in the average assessed value of high-rise condos on the east side of the city, from $486,000 previous year to $557,000.
Kamloops home values in 2018 property assessment numbers are up again
Assessments for the average single-family home in Fort St. John dropped from $387,000 to $369,000 year-over year, or a decline of 4.6 per cent.
This is because Section 19 (8) of the Assessment Act allows residential land to be assessed at less than market value where the owneroccupied the property as their principal residence continuously for 10 years effective October 31 of the year preceding the tax year, and provided the property has redevelopment potential for a more valuable use than its current use. The average home in Central Saanich is now valued at $699,000 compared to $614,000 last year, and the average home in North Saanich is now valued at $876,000 compared to $767,000 last year.
Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.
The Okanagan's total assessment value increased from $98 billion in July of 2016 to $119 billion in July of 2017.
We're seeing the biggest movement in the condo market. Between one and two per cent of people file an appeal with B.C. Assessment every year (the deadline is January 31), but property tax agent Paul Sullivan said people shouldn't file one without doing careful research ahead of time.
The highest average single-family assessment in Greater Victoria was in Oak Bay, at $1.156 million, up from $1.036 million a year ago.
Classification will continue to be an issue for property taxpayers, with the BC Assessment Authority taking aggressive valuation and taxation policy positions in the application of higher tax classifications for mixed-use developments and agricultural lands. The physical condition is based on how the property was on October 31, 2017.