National

BC Assessment warns values up but not current

Darpan News Desk The Canadian Press, 05 Dec, 2022 02:29 PM

VANCOUVER - British Columbia's property assessment agency is warning homeowners that figures released next month estimating the value of their home will likely be higher than the current market price.

BC Assessment says in a statement that most owners can expect to see a five to 15 per cent rise in values when notices are issued Jan. 3.

However, it says those figures are based on the real estate market as of July 1, 2022, and conditions have changed.

Since then, interest rates have continued to rise while overall sales volumes have declined.

The valuation is used to assess local property taxes, and BC Assessment says an added tax burden would only come for owners if the value of their property increased above the average for that community.

The 2023 property assessments will be posted online at bcassessment.ca, along with regional news releases with detailed value changes by community, lists of top-valued homes and other market movement trends.

"Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined," assessor Bryan Murao says in the statement.

"As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone."

Prev Next

MORE National ARTICLES

Vancouver home sales down 35% from last June

The board's chair Daniel John says the drop in sales came because buyers have more properties to choose from, but rising interest rates and 39-year high inflation are causing them to be cautious and thus, listings are staying available for longer.

Vancouver home sales down 35% from last June

Port of Vancouver truckers warn of job action

The statement says the port will not discuss the phaseout of all trucks that are 20 years old or older, even though most commercially licensed trucks elsewhere in B.C. don't face similar measure

Port of Vancouver truckers warn of job action

B.C. police recovering after bank shootout

Three Saanich officers and three from the Victoria Police Department, all members of the emergency response team, were injured in the gunfight with two heavily armed robbers outside a Bank of Montreal.

B.C. police recovering after bank shootout

Over 100 Sikh security guards lose jobs at City of Toronto security sites over rule that they need to be clean shaven, back on the job after WSO complaint

The City was investigating a complaint from the World Sikh Organization of Canada that some of the City’s security guard contractors are not accommodating its employees who maintain facial hair for religious reasons and, therefore, cannot wear protective N95 respirators, which are required by public health directive in shelter settings where a COVID-19 outbreak is present.

Over 100 Sikh security guards lose jobs at City of Toronto security sites over rule that they need to be clean shaven, back on the job after WSO complaint

Fraser Valley housing market continues to cool amid slower sales, softer prices

Across Fraser Valley, in June, the average number of days to sell a single-family detached home was 21 and a townhome was 19 days. Apartments took, on average, 17 days to sell.

Fraser Valley housing market continues to cool amid slower sales, softer prices

Two males 16 & 17 years old arrested for stabbing a 16 year old at Panorama Ridge Secondary

Two suspects, 16 and 17 year old males, were located nearby and arrested by police. Initial indications are that there was an altercation between the parties involved, who were known to each other, prior to the stabbing.