The 2024 property assessments in British Columbia show a general stabilization of the housing market, with most changes in residential property values being modest. The following is a comprehensive summary based on the latest data and information:
Southern Interior Region:
- Property Changes: Property owners in the Southern Interior, which includes the Thompson-Okanagan and Kootenay Columbia communities, can expect changes in home values ranging from -10% to +10%.
- Total Assessments: The region’s total assessments increased from $303 billion in 2023 to almost $315 billion in 2024.
- Notable Communities: Specific changes in single-family homes in the Thompson Okanagan communities include decreases in Kelowna, West Kelowna, and Penticton, and increases in places like Coldstream, Spallumcheen, and Lytton. In the Kootenay Columbia communities, increases were noted in Cranbrook, Kimberley, and Revelstoke.
Lower Mainland Region:
- Overall Market: The Lower Mainland, including Greater Vancouver, the Fraser Valley, the Sea to Sky area, and the Sunshine Coast, saw a general stabilization in housing values.
- Residential Properties: Most homeowners in this region can expect changes between -5% and +5%. Single-family homes in the City of Vancouver saw a 4% increase, while some areas like the District of West Vancouver and the Resort Municipality of Whistler experienced decreases.
- Strata Properties: Changes in strata properties (condos/townhouses) were also modest, with the City of Vancouver showing no change and the City of Richmond experiencing a 4% increase.
- Commercial and Industrial Properties: These properties are generally increasing in value at a higher rate than residential properties, particularly in areas with limited industrial land like the Fraser Valley. “
Province-wide Trends:
- Property Assessments: The total number of properties assessed in 2024 is 2,184,692, a 1% increase from 2023.
- Total Value: The total value of real estate assessed is over $2.79 trillion, marking a 3% increase from the previous year.
- New Construction and Rezoning: The total value of new construction, subdivisions, and rezoning amounted to $40 billion.
- Acceptance Rate: Approximately 98% of property owners accepted their assessments without filing appeals.
These assessments are crucial for determining property taxes and funding community services, including the education system. The assessments are based on the market value of properties as of July 1, 2023, and reflect the local real estate market trends, varying greatly from property to property.
Facts on B.C. Property Assessments and the 2024 Assessment Roll
- Total number of British Columbia properties on the 2024 Roll is 2,184,692, a 1% increase from 2023.
- Total value of all B.C. real estate on the 2024 Roll is over $2.79 trillion, an increase of 3% from 2023.
- Total amount of ‘non-market change’, including new construction, rezoning and subdivisions is approximately $39.62 billion, an increase of over 18% from the 2023 Roll of $33.52 billion.
- In B.C., approximately 88.5% of all properties are classified with some residential (Class 1) component.
- Over 98% of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment. Assessments are the estimate of a property’s market value as of July 1, 2023 and physical condition as of October 31, 2023. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property’s market value, BC Assessment’s professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property’s value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- BC Assessment’s assessment roll provides the foundation for local and provincial taxing authorities to raise nearly $10 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment’s website provides a listing of property assessments and sales to help property owners understand their property’s market value and provide comparable sales information. Go to bcassessment.ca and use “Find your property assessment”.
- For more information on the 2024 Assessment Roll and regional and province-wide real estate market trends including lists of the province’s top valued residential properties, please visit bcassessment.ca and click on the “Property Information & Trends” link.
SOURCE BC Assessment
Here’s a simplified overview of B.C. Property Assessments for the 2024 Assessment Roll:
- Number of Properties: There are 2,184,692 properties in B.C., up by 1% from 2023.
- Total Value: The total value of B.C. real estate is over $2.79 trillion, a 3% increase from last year.
- Non-Market Changes: Includes new buildings, rezoning, and subdivisions, totaling about $39.62 billion, up 18% from 2023.
- Residential Properties: Around 88.5% of all properties have some residential component.
- Acceptance Rate: Over 98% of property owners accept their assessments without a formal review.
- Assessment Factors: Assessments reflect market trends and consider factors like size, age, and location.
- Property Taxes: Local governments use these assessments to set property taxes, funding community services and education.
- Revenue: The assessments help raise nearly $10 billion in property taxes annually.
- Assessment Info: BC Assessment’s website offers detailed property assessments and sales data for property owners.
