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Property assessments trending upwards in Metro Vancouver for 2018

Last Updated Dec 6, 2017 at 2:34 pm PST

(iStock Photo)
Summary

The latest values from BC Assessment show some homeowners may be in for a surprise next year

Some Lower Mainland homeowners may see a spike in taxes once property notices are issued in January

VANCOUVER (NEWS1130) – Early numbers show a major hike in the values of condos in BC, especially in Metro Vancouver. Assessments for 2018, which could impact how much property taxes go up, show significant growth.

Based on the value of homes as of July 1st, 2017, the BC Assessment Authority is indicating strong market conditions for not only condos, but also commercial and industrial properties.

Across the Lower Mainland, Fraser Valley, Vancouver Island and the Okanagan preliminary values for condos are up as much as 30 per cent.

For industrial and commercial properties in parts of Metro Vancouver, the gains are more than 35 per cent. The growth is more stable for single detached homes with most of those values climbing less than 20 per cent.

Richmond, Vancouver, the North Shore and Burnaby show “nominal” changes of zero to five per cent.

This year, the most valuable home in BC was the waterfront, Point Grey house of former Lululemon CEO Chip Wilson. It was assessed at nearly $76 million.

Property assessment notices delivered in early January, with details posted online January 2nd, are often used by municipal leaders to determine property tax rates.