Subjects: GOVERNMENT CONTRACTS, MISCELLANEOUS
Lower Mainland 2022 Property Assessments in the Mail
VANCOUVER, British Columbia, Jan. 04, 2022 (GLOBE NEWSWIRE) -- In the next few days, owners of more than 1,076,600 properties throughout the Lower Mainland can expect to receive their 2022 assessment notices which reflect market value as of July 1, 2021.
"British Columbia's real estate market remains highly active and that means most property owners can expect higher assessment values for 2022," says BC Assessment Deputy Assessor Bryan Murao. "The widely reported heighted demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10 to 30 percent increases throughout the Lower Mainland. City of Vancouver condos, however, are on the lower end of the changes, generally with single digit increases, whereas homes in the Fraser Valley suburbs are changing higher compared to most of Metro Vancouver."
"Similarly, commercial and industrial properties across the province continue to show signs of recovery," adds Murao.
As B.C.'s trusted provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year.
For the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year. Over $23.7 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties. BC Assessment's Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.
The summaries below provide estimates of typical 2021 versus 2022 assessed value changes of residential properties for each community throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:*
Single Family Home Changes by Community | 2021 Typical Assessed Value as of July 1, 2020 | 2022 Typical Assessed Value as of July 1, 2021 | % Change | |||
| City of Vancouver | $1,717,000 | $1,997,000 | +16% | |||
| University Endowment Lands | $4,923,000 | $5,461,000 | +11% | |||
| City of Burnaby | $1,449,000 | $1,725,000 | +19% | |||
| City of Coquitlam | $1,187,000 | $1,499,000 | +26% | |||
| City of Port Coquitlam | $944,000 | $1,233,000 | +31% | |||
| City of Port Moody | $1,265,000 | $1,627,000 | +29% | |||
| City of New Westminster | $1,119,000 | $1,388,000 | +24% | |||
| City of North Vancouver | $1,452,000 | $1,777,000 | +22% | |||
| District of North Vancouver | $1,578,000 | $1,932,000 | +22% | |||
| District of West Vancouver | $2,473,000 | $2,992,000 | +21% | |||
| District of Squamish | $1,026,000 | $1,386,000 | +35% | |||
| Resort Municipality of Whistler | $2,033,000 | $2,629,000 | +29% | |||
| Village of Pemberton | $945,000 | $1,151,000 | +22% | |||
| Bowen Island Municipality | $1,019,000 | $1,271,000 | +25% | |||
| Village of Lions Bay | $1,436,000 | $1,934,000 | +35% | |||
| Village of Belcarra | $1,319,000 | $1,746,000 | +32% | |||
| Village of Anmore | $2,013,000 | $2,372,000 | +18% | |||
| Town of Gibsons | $671,000 | $895,000 | +33% | |||
| District of Sechelt | $600,000 | $819,000 | +37% | |||
| City of Surrey | $1,063,000 | $1,420,000 | +34% | |||
| City of White Rock | $1,242,000 | $1,582,000 | +27% | |||
| City of Richmond | $1,405,000 | $1,699,000 | +21% | |||
| City of Delta | $968,000 | $1,285,000 | +33% | |||
| Township of Langley | $986,000 | $1,319,000 | +34% | |||
| City of Langley | $838,000 | $1,162,000 | +39% | |||
| City of Abbotsford | $778,000 | $1,077,000 | +38% | |||
| City of Chilliwack | $627,000 | $877,000 | +40% | |||
| City of Maple Ridge | $814,000 | $1,118,000 | +37% | |||
| City of Pitt Meadows | $843,000 | $1,126,000 | +34% | |||
| City of Mission | $706,000 | $962,000 | +36% | |||
| District of Kent | $526,000 | $710,000 | +35% | |||
| District of Hope | $428,000 | $620,000 | +45% | |||
| Harrison Hot Springs | $599,000 | $807,000 | +35% | |||
*All data calculated based on median values.
These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select urban areas:*
Strata Homes (Condos/Townhouses) Changes by Community | 2021 Typical Assessed Value as of July 1, 2020 | 2022 Typical Assessed Value as of July 1, 2021 | % Change | |||
| City of Vancouver | $711,000 | $759,000 | +7% | |||
| City of Burnaby | $588,000 | $646,000 | +10% | |||
| City of Coquitlam | $562,000 | $631,000 | +12% | |||
| City of Port Coquitlam | $506,000 | $576,000 | +14% | |||
| City of Port Moody | $622,000 | $732,000 | +18% | |||
| City of New Westminster | $512,000 | $558,000 | +9% | |||
| City of North Vancouver | $690,000 | $762,000 | +10% | |||
| District of North Vancouver | $727,000 | $834,000 | +15% | |||
| District of West Vancouver | $1,156,000 | $1,327,000 | +15% | |||
| District of Squamish | $560,000 | $724,000 | +29% | |||
| Resort Municipality of Whistler | $931,000 | $1,154,000 | +24% | |||
| City of Surrey | $510,000 | $604,000 | +18% | |||
| City of White Rock | $452,000 | $528,000 | +17% | |||
| City of Richmond | $608,000 | $677,000 | +11% | |||
| City of Delta | $552,000 | $625,000 | +13% | |||
| Township of Langley | $543,000 | $676,000 | +24% | |||
| City of Langley | $382,000 | $459,000 | +20% | |||
| City of Abbotsford | $342,000 | $412,000 | +21% | |||
| City of Maple Ridge | $456,000 | $563,000 | +23% | |||
*All data calculated based on median values.
BC Assessment's website at bcassessment.ca includes more details about 2022 assessments, property information and trends such as lists of 2022's top valued residential properties across the province.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2022 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment custom account to check a property's 10-year value history, store/access favourites, create comparisons, monitor neighbourhood sales, and use our interactive map.
"Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2021 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Deputy Assessor Bryan Murao.
"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Murao.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," explains Murao. "As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."
Have questions?
"If your property was impacted by the 2021 floods, mudslides or wildfires, please take a few moments to contact us toll-free at 1-866-825-8322 during January once you receive your assessment notice," says Murao. "With your help, we can work together to make sure your property is valued correctly."
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
Follow BC Assessment on Twitter, YouTube, Facebook, and LinkedIn.
Media contact:
Tim Morrison, Senior Communications Advisor
BC Assessment
Tel. 1.866.825.8322 Ext. 00135
Email: [email protected]
MEDIA BACKGROUNDER
January 4, 2022
Facts on B.C. Property Assessments and the 2022 Assessment Roll
- Total number of properties on the 2022 Roll is 2,142,457, an approximate 1.2 percent increase from 2021.
- Total value of real estate on the 2022 Roll is about $2.44 trillion, an increase of nearly 22 percent from 2021.
- Total amount of ?non-market change', including new construction, rezonings and subdivisions is approximately $33.9 billion, an increase of almost 53 percent from the 2021 Roll of $22.1 billion.
- In B.C., approximately 88.2 percent of all properties are classified with some residential (Class 1) component. This equates to $1,895,708,472,699 of the value on the total provincial roll.
- Over 98 percent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property's market value as of July 1, 2021 and physical condition as of October 31, 2021. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment's assessment roll provides the foundation for local and provincial taxing authorities to raise over $8 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and use "Find your property assessment". For more information on the 2022 Assessment Roll and regional and province-wide real estate market trends including lists of the province's top valued residential properties, please visit www.bcassessment.ca and click on the "Property Information & Trends" link.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b4cb5633-832a-4d1b-92b4-dc8f6d9ad49c
PDFs accompanying this announcement are available at:
http://ml.globenewswire.com/Resource/Download/71e149fa-c17a-49b7-a829-49fbb49e1119
http://ml.globenewswire.com/Resource/Download/0f8eb4b1-c5e5-4350-b3aa-2acde2fec5f3
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