Property owners in the Tri-Cities may not see the soaring increases in land values they have become accustomed to when their BC Assessment notices arrive this week.
While overall home values are up across the region, whether or not values rose in 2018 depends on the area and property type, according to deputy assessor Keith MacLean-Talbot.
For example, detached home prices have stayed flat or even decreased in value in the Tri-Cities, he said, while properties like condos and townhouses have seen moderate gains.
"Single-family homes and condominiums throughout the Greater Vancouver region have moved in different directions," he said.
For detached homes, MacLean-Talbot said a value change between –5% and 10% "would be considered normal" while condos could see an increase of anywhere up to 30% in the Tri-Cities.
"If you own a condominium or townhouse, they will see a larger increase versus single-family homes," he said.
In the Tri-Cities, Port Moody saw the largest increase in average residential property values, rising 8%, while Belcarra saw a 2.8% drop.
The most expensive residential property in the area was 1381 Dominion Ave., Port Coquitlam, which is valued at $9.7 million, up from $7.7 million listed in the 2017 assessment notice.
Current BC Assessments are based on market activity as of July 1, 2018 and do not capture changes that may have occurred in sales activity in the last six months. The values are used to determine the annual municipal property tax increases.
MacLean-Talbot said residents can check their property values at bcassessment.ca and see how their home value compares to neighbouring properties.
He also noted that there is an appeal process that can be undertaken at the BC Assessment website if a person believes their appraisal is inaccurate. All appeals must be filed by Jan. 31.
For more information or to see the value of your property, go to www.bcassessment.ca.
gmckenna@tricitynews.com
