Property owners across B.C. can expect to receive their 2024 assessment notices in the mail in the coming days, after figures were made available online over the weekend.
The top-valued residential property in B.C. — 3085 Point Grey Road in Vancouver — was assessed at $81,765,000 this year. Lululemon founder Chip Wilson’s seven-bedroom, nine-bathroom property saw an increase of more than $7 million between this notice period and last year’s, when it was assessed at $74,089,000.
According to BC Assessment, the other top three valued residential properties are also the same as last year, in Vancouver and on James Island. The second-highest-valued property — 4707 Belmont Avenue in Vancouver — saw an increase of nearly $3.5 million between last year and this year, from $66,964,000 in 2023 to $70,415,000 in 2024.
Meanwhile, the third-highest assessed property came in at $57,934,000 in the 2024 review. The James Island property saw a decrease of $3.3 million, down from $61,239,000 in the 2023 assessment.
2024 notices in the mail: BC Assessment
BC Assessment says the notices, which are based on market value as of July 1, 2023, show “the overall housing market has generally stabilized in value” across the Lower Mainland.
The Lower Mainland region, for the purposes of the assessments, includes Greater Vancouver, the Fraser Valley, the Sea to Sky area, and the Sunshine Coast.
“Most homeowners can expect only modest changes in the range of -5% to +5%. These assessment changes are notably less than previous years,” explained assessor Bryan Murao.
He notes commercial and industrial property values are “are generally increasing in value at a higher rate than residential,” particularly in places like the Fraser Valley due to “limited industrial land.”
BC Assessment says in the Lower Mainland, overall total assessments increased to nearly $2 trillion compared to $1.94 trillion in the last assessment period. Of the latest total, nearly $27.2 billion was due to new construction, subdivisions, and rezonings, the agency explains.
In the City of Vancouver, BC Assessment says the typical assessed value for single-family residential properties increased by four per cent between 2023 and 2024. The increase was the same in other parts of the region, including Burnaby and Coquitlam, while some other Metro Vancouver communities saw increases of between two and three per cent. On the North Shore, West Vancouver saw a decrease in values of two per cent.
For condos, townhouses, and other strata residential properties, the change between the last assessment and this one was close to zero per cent in Vancouver, while other municipalities saw changes between zero and four per cent, the figures show.
Property owners have until Jan. 30 to submit an appeal.
“It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explained 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.”
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2024-01-02 17:18:50Z
CBMiS2h0dHBzOi8vdmFuY291dmVyLmNpdHluZXdzLmNhLzIwMjQvMDEvMDIvMjAyNC1iYy1hc3Nlc3NtZW50LXRvcC1wcm9wZXJ0aWVzL9IBAA
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