B.C. home values rise 12% on average but new numbers come with note of caution
Homeowners in British Columbia saw their properties rise in value by an average of 12 per cent, according to B.C. Assessment.
However, 2023 assessments released this week come with a cautionary note from B.C.'s property assessment agency: the figures are based on sales data from July 2022 and do not reflect the current market in a climate of rising interest rates and slowing home sales.
Bryan Murao, an assessor with B.C. Assessment, says negative numbers are likely next year.
"What I see in [2023 assessments] is the tail end of those big increases that we saw last year," he said.
"My expectation is that you're going to see mostly negative numbers across the province by the time that we get to July 1st, 2023. But beyond that, it's anyone's guess."
In the Lower Mainland region, condos and townhomes in Abbotsford and White Rock showed the biggest gain, up 21 per cent from the 2022 assessment. Strata properties in Langley City were close behind at 20 per cent growth.
For single-family homes, Pemberton registered a 16 per cent increase, followed by Pitt Meadows, Langley Township and Sechelt at 15 per cent.
The Kitsilano waterfront home of Lululemon billionaire Chip Wilson remains the highest valued residential property in B.C. at just over $74 million.
Ten of the top 11 properties on the most valuable list are in Vancouver, with nine of those located on either Belmont Avenue or Point Grey Road.
James Island near Victoria, assessed at more than $61 million, ranks as the third most valuable property in B.C.
Murao says high-end properties did not increase at the same rate as other single-family homes in the Lower Mainland.
"They're up a little bit less," he said. "We just haven't seen that luxury market fare quite as strongly as some of the lower priced properties, but that's been a consistent trend for probably five or six years now."
According to B.C. Assessment, the typical assessed value of a single-family home in Vancouver rose seven per cent to $2.125 million.
On Tuesday, the provincial government announced the B.C. homeowner grant will be set at that same number, $2.125 million, a 12 per cent increase from the 2022 threshold of $1.975 million.
The grant reduces property taxes on principal residences by hundreds of dollars and captures 92 per cent of residential properties in the province, according to the government.
In Metro Vancouver, the Fraser Valley and the Capital Regional districts, the grant is worth $570. For homeowners who are seniors, veterans, disabled or living with a person with a disability, it's $845. In northern and rural B.C. the amounts are higher.
