Most homeowners in B.C. should expect “relatively modest increases” in the 2021 assessed values of their properties.
According to B.C. Assessment, the increases may amount to up to 10 percent over 2020.
The provincial agency provided the estimate in a news release Monday (January 4) announcing that 2021 assessment notices are in the mail.
The 2021 assessment notices reflect market value as of July 1, 2020.
As an example, the typical 2021 assessed value of a single-family home in Vancouver is $1,717,000.
The figure represents a 10 percent rise from the 2020 assessment of $1,567,000.
Aside from Vancouver, only the District of Squamish should expect as similar 10 percent increase in the value of detached homes.
Other municipalities in Greater Vancouver, Fraser Valley, and Chilliwack area will have a lower rate of increase.
As for condos and townhouses, property owners in Vancouver should expect an increase of only three percent.
This means that the typical 2021 assessed value of a strata property in the city will amount to $711,000, or a three percent rise of $688,000 in 2020.
The District of North Vancouver will see the highest rate of increase in the 2021 assessed value of strata properties, which is six percent.
According to B.C. Assessment, the total value of real estate on the 2021 roll is about $2.01 trillion.
About 88 percent of these properties are residential.
For more details about B.C. Assessment’s estimates, click here.