Assessed values of some single-family homes in Metro Vancouver’s once red-hot housing market dropped between 5% and 10% in the latest assessments used to determine property taxes in British Columbia.
Meanwhile, BC Assessment says some property owners in the rest of the province have seen 5% to 15% increases in their property values.
The agency forecasts condominium values will increase by up to 20% across B.C. this year. Commercial and industrial properties saw an increase of between 10% and 20% across most of the province, with some markets around Metro Vancouver increasing up to 30%.
BC Assessment collects, monitors and analyzes property data. Its assessments are based on the estimate of a property’s market value on July 1 of each year and its physical condition on Oct. 31.
Deputy assessor Keith MacLean-Talbot says increases in property assessments do not automatically translate into a corresponding increase in property taxes.