The 2022 Assessments Are Out And Property Values In The Lower Mainland Are Up Significantly
Last month BC Assessment released its assessment notices to over a million property owners throughout the Lower Mainland, and they are generating” sticker shock” throughout the Lower Mainland.
While condo values have been on the lower end, with single digit increases, most of the other property values have seen 10% – 30% increases.
“The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province including 10 to 30 per cent increases throughout the Lower Mainland,” said Bryan Murao, deputy assessor with BC Assessment.
For detached homes, Maple Ridge and Sechelt led the way, each with a 37% increase, followed by Lions Bay and Squamish, each with 35% increases, and Pitt Meadows with a 34% increase.
For strata homes, Squamish led the way with a 29% increase, followed by Whistler with a 24% increase and Maple Ridge with a 23% increase.
The notices reflect the market values as of July 1 2021, almost 7 months ago. The real estate market in the municipality is taken into consideration when values are calculated. Renovations are considered when permits are pulled from the various municipal databases.
Other important factors taken into consideration when coming up with the assessment value are location, lot size, pool, deck, number of garages, the age of your home as well as comparable sale prices.
Check your 2022 property assessment online at bcassessment.ca.
If you are curious about how accurate your assessment is, please reach out to our team today and we will be able to give you an accurate value of your property.
Contact us by email or call us on 604 913 1000.