Decrease Mainland 2021 Property Assessments within the Mail

VANCOUVER, British Columbia, Jan. 04, 2021 (GLOBE NEWSWIRE) — Within the subsequent few days, homeowners of greater than 1,056,000 properties all through the Decrease Mainland can count on to obtain their 2021 evaluation notices which replicate market worth as of July 1, 2020.

“Regardless of COVID-19, the Decrease Mainland residential actual property market has been resilient,” says BC Evaluation Deputy Assessor Bryan Murao. “For probably the most half, owners can count on comparatively reasonable will increase in worth. This unimaginable energy is a stark distinction to final spring when the market got here to a short lived standstill whereas the rest of the yr had a really regular and speedy restoration.”

“The industrial and industrial markets, nonetheless, have been rather more different with each decreases and will increase relying upon the precise sector,” provides Murao. “Whereas industrial gross sales exercise has remained low, worth modifications have been reasonable throughout many property sorts.”

As B.C.’s trusted supplier of property evaluation data, BC Evaluation collects, displays and analyzes property knowledge all year long.

The desk under signifies British Columbia’s estimated vary of proportion modifications to 2021 evaluation values for residential properties in comparison with 2020. Please notice property assessments might range by jurisdiction or municipality throughout the province.

Property Kind

British Columbia: Province-wide
2021 Assessments
Vary of % Modifications in Worth for the Majority of Residential Properties
(as of July 1, 2020)

Residential Single Household Houses

0% to +10%

Residential Strata Houses
(e.g. condos/townhouses)

0% to +10%

For the Decrease Mainland area, the general complete assessments have elevated from about $1.41 trillion in 2020 to about $1.46 trillion this yr. Over $15 billion of the area’s up to date assessments is from new building, subdivisions and rezoning of properties. BC Evaluation’s Decrease Mainland area contains all of Better Vancouver, the Fraser Valley in addition to the Sea to Sky space and the Sunshine Coast.

The summaries under supplies estimates of typical 2020 versus 2021 assessed values of properties all through the area.

These examples reveal market developments for single-family residential properties by geographic space:*

Single Household House
Modifications by Group

2020 Typical Assessed Worth
as of July 1, 2019

2021 Typical Assessed Worth
as of July 1, 2020

% Change

Metropolis of Vancouver

$1,567,000

$1,717,000

+10%

College Endowment Lands

$4,949,000

$4,923,000

-1%

Metropolis of Burnaby

$1,363,000

$1,449,000

+6%

Metropolis of Coquitlam

$1,122,000

$1,187,000

+6%

Metropolis of Port Coquitlam

$876,000

$944,000

+8%

Metropolis of Port Moody

$1,192,000

$1,264,000

+6%

Metropolis of New Westminster

$1,054,000

$1,119,000

+6%

Metropolis of North Vancouver

$1,351,000

$1,452,000

+7%

District of North Vancouver

$1,479,000

$1,578,000

+7%

District of West Vancouver

$2,356,000

$2,472,000

+5%

District of Squamish

$930,000

$1,026,000

+10%

Resort Municipality of Whistler

$2,014,000

$2,034,000

+1%

Village of Pemberton

$873,000

$945,000

+8%

Bowen Island Municipality

$934,000

$1,019,000

+9%

Village of Lions Bay

$1,384,000

$1,436,000

+4%

Village of Belcarra

$1,318,000

$1,319,000

+1%

Village of Anmore

$1,989,000

$2,013,000

+1%

City of Gibsons

$657,000

$671,000

+2%

District of Sechelt

$568,000

$600,000

+6%

Metropolis of Surrey

$1,010.000

$1,062,000

+5%

Metropolis of White Rock

$1,195,000

$1,245,000

+4%

Metropolis of Richmond

$1,322,000

$1,405,000

+6%

Metropolis of Delta

$917,000

$968,000

+6%

Township of Langley

$922,000

$986,000

+7%

Metropolis of Langley

$809,000

$838,000

+4%

Metropolis of Abbotsford

$727,000

$779,000

+7%

Metropolis of Chilliwack

$590,000

$627,000

+6%

Metropolis of Maple Ridge

$768,000

$814,000

+6%

Metropolis of Pitt Meadows

$821,000

$843,000

+3%

District of Mission

$651,000

$706,000

+8%

District of Kent

$494,000

$526,000

+7%

District of Hope

$409,000

$427,000

+4%

Harrison Sizzling Springs

$577,000

$599,000

+4%

*All knowledge calculated based mostly on median values.

These examples reveal market developments for strata residential properties (e.g. condos/townhouses) by geographic space for choose city areas:*

Strata Houses
(Condos/Townhouses)

Modifications by Group

2020 Typical Assessed Worth
as of July 1, 2019

2021 Typical Assessed Worth
as of July 1, 2020

% Change

Metropolis of Vancouver

$688,000

$711,000

+3%

Metropolis of Burnaby

$571,000

$588,000

+3%

Metropolis of Coquitlam

$537,000

$561,000

+4%

Metropolis of Port Coquitlam

$486,000

$506,000

+4%

Metropolis of Port Moody

$617,000

$622,000

+1%

Metropolis of New Westminster

$500,000

$511,000

+2%

Metropolis of North Vancouver

$658,000

$690,000

+5%

District of North Vancouver

$693,000

$732,000

+6%

District of West Vancouver

$1,157,000

$1,156,000

0%

District of Squamish

$561,000

$571,000

+2%

Resort Municipality of Whistler

$920,000

$931,000

+1%

Metropolis of Surrey

$497,000

$510,000

+3%

Metropolis of White Rock

$460,000

$452,000

-2%

Metropolis of Richmond

$600,000

$608,000

+1%

Metropolis of Delta

$545,000

$552,000

+1%

Township of Langley

$531,000

$543,000

+2%

Metropolis of Langley

$369,000

$381,000

+3%

Metropolis of Abbotsford

$329,000

$343,000

+4%

Metropolis of Maple Ridge

$437,000

$457,000

+5%

*All knowledge calculated based mostly on median values.

BC Evaluation’s web site at bcassessment.ca contains extra particulars about 2021 assessments, property data and developments resembling lists of 2021’s prime valued residential properties throughout the province.

The web site additionally supplies self-service entry to a free, on-line property evaluation search service that enables anybody to go looking, test and examine 2021 property assessments for wherever within the province. Property homeowners can unlock further property search options by registering for a free BC Evaluation customized account to test a property’s 10-year worth historical past, retailer/entry favourites, create comparisons, monitor neighbourhood gross sales, and use our interactive map.

“Property homeowners can discover a whole lot of useful data on our web site together with solutions to many assessment-related questions, however those that really feel that their property evaluation doesn’t replicate market worth as of July 1, 2020 or see incorrect data on their discover, ought to contact BC Evaluation as indicated on their discover as quickly as potential in January,” says Deputy Assessor Bryan Murao.

“If a property proprietor remains to be involved about their evaluation after chatting with one in every of our appraisers, they could submit a Discover of Grievance (Enchantment) by February 1st, for an unbiased evaluate by a Property Evaluation Overview Panel,” provides Murao.

The Property Evaluation Overview Panels, unbiased of BC Evaluation, are appointed yearly by the provincial authorities, and sometimes meet between February 1 and March 15 to listen to formal complaints.

“It is very important perceive that modifications in property assessments don’t routinely translate right into a corresponding change in property taxes,” explains Murao. “As famous in your Evaluation Discover, how your evaluation modifications relative to the common change in your group is what might have an effect on your property taxes.”

Have questions?

Property homeowners can contact BC Evaluation toll-free at 1-866-valueBC (1-866-825-8322) or on-line at bcassessment.ca. In the course of the month of January, hours of operation are 8:30 a.m. to five:00 p.m., Monday to Friday.

Comply with BC Evaluation on Twitter, YouTube, Fb, and LinkedIn.

Media contact:

Tim Morrison, Senior Communications Advisor
BC Evaluation
Tel. 1.866.825.8322 Ext. 00135
E mail: [email protected]

Be aware that downloadable video/audio media clips of BC Evaluation Deputy Assessor Bryan Murao’s commentary concerning 2021 property assessments can be found at BC Evaluation’s web site on our Media Equipment web page at this hyperlink: https://information.bcassessment.ca/about/contact/Pages/Media-Equipment.aspx

MEDIA BACKGROUNDER
January 4, 2021

Info on B.C. Property Assessments and the 2021 Evaluation Roll

  • Complete variety of properties on the 2021 Roll is 2,114,885, an approximate one per cent improve from 2020.

  • Complete worth of actual property on the 2021 Roll is about $2.01 trillion, a rise of practically 4.2 per cent from 2020.

  • Complete quantity of ‘non-market change’, together with new building, rezoning modifications and subdivisions is roughly $22.1 billion, a lower of just about -12.7 per cent from the 2020 Roll of $25.Three billion.

  • In B.C., roughly 88% of all properties are labeled with some residential (Class 1) part. This equates to about $1.5 trillion of the worth on the entire provincial roll.

  • Over 98% of property homeowners sometimes settle for their property evaluation with out continuing to a proper, unbiased evaluate of their evaluation.

  • Assessments are the estimate of a property’s market worth as of July 1, 2020 and bodily situation as of October 31, 2020. This frequent valuation date ensures there’s an equitable property evaluation base for property taxation.

  • Modifications in property assessments replicate motion within the native actual property market and might range significantly from property to property. When estimating a property’s market worth, BC Evaluation’s skilled appraisers analyze present gross sales within the space, in addition to contemplating different traits resembling measurement, age, high quality, situation, view and site.

  • Actual property gross sales decide a property’s worth which is reported yearly by BC Evaluation. Native governments and different taxing authorities are accountable for property taxation and, after figuring out their very own funds wants this spring, will calculate property tax charges based mostly on the evaluation roll for his or her jurisdiction.

  • BC Evaluation’s evaluation roll supplies the muse for native and provincial taxing authorities to boost billions of {dollars} in property taxes annually. This income funds the numerous group providers supplied by native governments across the province in addition to the Ok-12 training system.

  • BC Evaluation’s web site supplies a list of property assessments and gross sales to assist property homeowners perceive their property’s market worth and supply comparable gross sales data. Go to bcassessment.ca and use “Discover your property evaluation”. For extra data on the 2021 Evaluation Roll and regional and province-wide actual property market developments together with lists of the province’s prime valued residential properties, please go to bcassessment.ca and click on on the “Property Info & Developments” hyperlink.

PDFs accompanying this announcement can be found at:

http://ml.globenewswire.com/Useful resource/Obtain/5cbb3b7c-66bf-4f31-996b-89640e6744e4

http://ml.globenewswire.com/Useful resource/Obtain/276a10f1-e944-4725-915b-8b56bba15c84

Leave a Reply