Around Town: BC Assessment – What Was Your Property Worth on July 1? It Matters for 2018

December 14, 2017

British Columbia’s real estate market has seen continued activity in 2017 with residential and commercial property values showing growth in most areas. 2018 property assessment values will reflect what was happening around BC Assessment’s uniform valuation date of July 1, 2017.

2018 property assessment highlights include:

• Typical detached single family homes are very stable in the Metro Vancouver areas of Richmond, Vancouver, the North Shore and Burnaby; showing nominal changes in the zero to five per cent range.
• Other areas of the province can expect greater increases of 10-20% for detached single family homes, particularly across Vancouver Island, Fraser Valley and the Okanagan.
• The residential strata market (i.e. condos) is quite robust with typical changes expected to be in the 10-30% range across Vancouver Island, Metro Vancouver, Fraser Valley, and the Okanagan.
• Typical commercial and industrial properties can expect strong increases across most of the province in the 10-20% range.

All British Columbia’s property owners will receive their annual property assessment notices in early January, 2018. BC Assessment’s website at bcassessment.ca will be updated on January 2, 2018 with access to a variety of 2018 property assessment information. This will include the ability for property owners to search and compare 2018 property assessments.

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SOURCE: BC Assessment, Dec. 6, 2017 Press Release

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