2024 Property Assessments

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Stable Values

The story for 2024 Property Assessments for British Columbia overall is stability. The assessed value of properties across B.C. has generally stabilized, with some outliers like Lytton, Haida Gwaii, and Tumbler Ridge experiencing significant increases in worth. According to the B.C. Assessment Authority, as of July 1, 2023, property values changed between minus 10% and plus 5% on average. In the Lower Mainland, the range was between minus 5% and plus 5%. B.C. Assessment’s lead assessor, Bryan Murao, stated that the overall housing market has generally stabilized in value across the Lower Mainland and throughout B.C. Most homeowners can expect modest changes in the range of minus 5% to plus 5%, which is notably less than previous years. For example, the average detached home in Vancouver saw an increase of 9% in value in 2022 and 16% in 2023.

Commercial and Development Values

Murao also mentioned that commercial and industrial properties are generally increasing in value at a higher rate than residential properties, particularly in areas like the Fraser Valley, where limited industrial land is driving up property values. In the Lower Mainland region, the overall total assessment values increased from about $1.94 trillion to nearly $2 trillion. Almost $27.2 billion of the increased assessments in the region are attributed to new construction, subdivisions, and rezoning of properties.

Residential Properties

In terms of specific areas, for single-detached homes, 2024 property assessments increased by 4% in Vancouver, Burnaby, and Coquitlam, with the average detached home price in Vancouver now at $2,209,000. The average assessed value of a detached home in Surrey remained unchanged at $1,609,000. The District of Hope experienced a 13% decline in assessed value, with the average detached home now worth $611,000. Notably, the value of detached homes in Hope rose 14% last year and 45% the year before during the COVID-19 real estate boom.

There were significant changes in Whistler, as the average assessed value of a detached home went down 2%, now sitting at $2,842,000. Last year, a detached Whistler home saw an increase in value of 11%, and 29% the year before. In the strata property class (condos and townhouses), the Lower Mainland saw varying performance across different areas.

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