National

B.C. property assessments rise province wide

Darpan News Desk The Canadian Press, 04 Jan, 2022 02:32 PM

VICTORIA - Assessed values of properties in British Columbia are up again, but the pricey Vancouver area has been upstaged by small towns where value estimates rose by more than 40 per cent.

Interested in a look at highlights of property assessments across the province? Check out our updated property info & trends pages: https://t.co/UycOr2bgfB - click on the links to the right to see your respective region too. pic.twitter.com/OnWbD8ronI
— BC Assessment (@bcassessment) January 4, 2022

Data posted on the BC Assessment website shows market value as of July 1, 2021, increased over 40 per cent in the communities of Hope, Port Alberni, Lake Cowichan and other rural areas, while Vancouver was up seven per cent.

Bryan Murao, BC Assessment's deputy assessor, says the provincial real estate market remains resilient and homeowners provincewide can expect higher assessment values for 2022.

But he says large increases in assessments do not mean corresponding property tax increases.

Murao says some people are leaving urban areas looking for cheaper real estate or retirement options, resulting in assessed increases of 40 to 50 per cent in some parts of small-town B.C.

BC Assessment says the total value of real estate in B.C. is about $2.44 trillion, an increase of nearly 22 per cent from 2021.

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