Image: Authentech Homes
Okanagan Valley houses have increased in value by 10-20 per cent over the past year, and condos by even more.
In a recent preview of property assessment numbers for 2018, BC Assessment says the real estate market across the province has seen “continued activity” this year.
That rise will mean a 10-20 per cent jump in the value of detached, single-family homes in the Okanagan, and a 10-30 per cent rise in the value of condos.
“The preliminary market analysis for 2018 property assessments is showing strong market conditions across most areas and property types in the province, with a few exceptions,” says Assessor Tina Ireland.
Other regions in the province (such as the Fraser Valley and Vancouver Island) will see similar bumps in home prices, however, BC Assessment says single detached homes in many areas of Metro Vancouver are “stable,” and will increase by five per cent at the most.
Typical commercial and industrial properties across the province can also expect increases of about 10-20 per cent, with the markets around Vancouver sneaking up as high as 35 per cent some areas.
To arrive at their assessments, BC Assessment’s appraisers analyze current sales in the local area, as well as the property’s size, age, quality, condition, view and location.
“It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes,” adds Ireland. “How your assessment changes relative to the average change in your community is what may affect your property taxes.”
All British Columbia’s property owners will receive their annual property assessment notices in early January, 2018. BC Assessment’s website will be updated on January 2, 2018 with access to a variety of 2018 property assessment information. This will include the ability for property owners to search and compare 2018 property assessments.
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