The Greater Vancouver real estate market is constantly surprising people with its drastic changes. From prices rising exponentially, to scandals, to new taxes and policies being introduced, it seems there is never a dull moment when it comes to this market. The newest change that people will expect to see next year, other than the falling average price for a single family home, is a large increase in property values. BC Assessment has stated that property values for a single family home can jump up from anywhere between 30% to 50%. Areas, where we will see this happening, includes Vancouver, Burnaby, North Shore, Richmond, Surrey, and even the Tri-Cities as well as Squamish.
Of course, seeing the value of your home go up is exciting, however that does also mean that your property taxes will also be higher. Almost 100,000 warning letters have been sent to the homeowners of these areas so that they may prepare for their property tax value for next year. One thing to always keep in mind when looking at your property value is that these values do not necessarily reflect the current market value. For example, a home located in the Cambie area is listed at $2,498,000 but the property value is assessed at only $1,831,200.
Will you be affected by these new property assessments?
Read more about this here.