Commercial property values to increase up to 50 per cent: BC Assessment

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Property owners across the Okanagan can expect to receive their 2018 assessment notices in the mail this week, but you can already look up yours online.

Real estate experts say the data is indicative of a condo boom caused by families being priced out of the single-family home market.

2018 is the second year in a row that values have spiked.

For example, if your home's property assessment increased by 10 per cent this year and properties in the City of Vancouver increased by an average of 20 per cent, you may in fact pay less property taxes, according to Smith.

"The assessments always reflect market values".

- If you believe the panel did not consider changes or physical problems with your property, did not assess the fair market value of your property or you believe the assessment is inconsistent with that of similar properties, you can file an appeal of the panel's decision with the Property Assessment Appeal Board by April 30.

Annually, BC Assessment grades the value of homes by analyzing a number of factors including current sale prices in the neighbourhood, property size, age, quality, condition, view and location.

"It could be an affordability thing, as that product is generally more affordable than a single-family home, or it could be a desire for some people to live in a strata". The average home in Central Saanich is now valued at $699,000 compared to $614,000 last year, and the average home in North Saanich is now valued at $876,000 compared to $767,000 last year.

"The dream of having a detached single-family home maybe as your first house will have to change now, either looking to a townhouse or a condo, " said realtor Tony Joe.

In northern B.C. the biggest swings in residential property values were in Granisle, which saw a 44.9 per cent increase in the average value of single family homes (from $42,000 to $61,000) and Kitimat, which saw the average value of a single-family house fall 16.2 per cent from $278,000 to $233,000.

Osoyoos homes saw an average 17-per-cent jump in assessments this year, reflecting a stronger real estate market throughout the Okanagan region.

Local residents can expect their assessment notices within the coming week.

If a property owner is still concerned about their assessment after speaking to an appraiser, they may submit a notice of complaint (appeal) by January 31 for an independent review by a Property Assessment Review Panel, she said.

Increases to the average assessed values were also seen in all of Kamloops' outlying communities.

The review panels are independent of BC Assessment and are appointed annually by the provincial government. This common valuation date ensures there is an equitable property assessment base for property taxation.

This year, changes in assessment values for Delta's different communities vary, but remain in the single digits.

BC Assessment's website provides a map of the top 500 most valuable residential properties in the province.

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