Good afternoon,

The latest BC Assessment results have now been published for a couple of weeks. Usually at this time of year I send out my "Think Your BC Assessment Value is Out of Whack?" article, but similar to last year, I think we need to focus on a different tone: your BC Assessment may be higher than the current market value of your home right now, and that's not a mistake.

The latest BC Assessment is based on market values as of July 1, 2023, NOT today's value. BC Assessment has noted that "most home owners can expect only modest changes in the range of -5% to +5%". They've also noted that assessment changes are notably less than previous years as it has become apparent that the overall housing market has seemingly stabilized in value. 

July 2023 saw significant inflationary pressures that resulted in a slowing real estate market through the second half of 2023. Higher than expected inflation numbers and increased interest rates tamped down a real estate market that had been in a boom for the preceding 18 - 24 months.

Remember, if your assessed value has increased, it doesn't necessarily mean your property taxes will go up. Increases to taxes generally only take place if your assessed value increased at a rate higher than the rest of the properties in your geographical area. You can find more information about how your assessment may affect your property taxes HERE.

Before you try to challenge your BC Assessment this year, give us a call!