B.C. Assessment Shows Change in Vancouver Home Values
How much did the value of single-family homes in your municipality change in value last year?
In the last year, property values across Metro Vancouver dropped by 4 to 15% while the median value of a detached home in other major centres stayed relatively stable. Victoria and Kelowna saw a 2% drop, Nanaimo witnessed a 3% increase, Prince George rose 5% and Kamloops increased by 7%. Kitimat saw a whopping 41% increase in the median value of a detached home anticipating the construction of the $40 billion LNG plant.
Will you see a change in property taxes?
“What’s most important to a homeowner is how their assessment changes relative to others in their community, because that’s what’s going to determine whether or not there’s an impact on their property taxes,” said Tina Ireland with B.C. Assessment. “If your assessment goes down 10 percent and your neighbour’s assessment goes down 5 per cent, there’s likely a good chance that you’re going to see a reduction in your property taxes.”
At this point, it’s It’s unknown whether Metro Vancouver home values will see a similar decline next year. The City of Vancouver has already approved a seven per cent increase in property taxes this year, which most homeowners will have to pay even if their home has decreased in value. So any changes to property taxes will most likely not appear until next year.
For more information on B.C. Assessment visit their website here.
We are always available to assist you, and to offer a free market evaluation of your home. This is actually the best time of year to sell your home with low inventory across all of Vancouver.