Numerous Tri-City residents woke up on New Year's Day to find they were millionaires — at least on paper — with the value of their homes rising 30% to 40% based on BC Assessment analysis and sales from last summer.
But this unprecedented upswing after a steady rise in assessments over a number of years shouldn't be taken to the bank.
While house prices appear to be holding steady, the future is anything but certain given a number of changes that have occurred in the housing market since July 1, 2016, when this snapshot was taken.
There is certain to be some pushback on prices over the next couple of months as buyers and sellers play chicken with the housing market and as government initiatives such as the 15% foreign buyers tax takes effect.
More concerning for many residents is what the startling jump in assessments will mean for their property taxes.
While all three cities are planning for tax increases — for instance, Coquitlam has a 2.3% tax hike planned — homeowners have recourse. Those who feel their assessment is out of line can appeal and probably should.
