2024 Property Assessments – Modest Changes Behind The Unusually Stable Market

Homeowners throughout the province have been receiving their property assessments this month.  Overall BC Property values did not change much in the past year. In the Lower Mainland the range was between minus five per cent to plus five per cent and outside the Lower Mainland the range increased to minus ten to plus ten per cent.

“Most homeowners can expect only modest changes in the range of minus five percent to plus five per cent,” said Bryan Murao BC Assessment assessor. These assessment changes are notably less than previous years. He also described the 2024 assessment landscape as “somewhat boring” compared to the double-digit increases seen in previous years.

Economists point out that sales did drop off through 2023 with many buyers priced out of the market due to high interest rates, but there was not much impact on cost. Murao also pointed to interest rate hikes as a force that has slowed down the housing market. 

“Part of the reason we’ve seen such we’ve seen such consistent market changes across the entire province is because the whole province is impacted by interest rates all the same. You’re not looking at locational factors,” he said.

Experts are expecting interest rates to move down through 2024, which will draw more buyers off the sidelines. More buyers could begin to drive up prices again.

While property valuations are used to estimate municipal property taxes, experts say that they are not necessarily an indication of market change. It is important to understand that an increase in a property’s assessment value does not mean that the homeowner will receive a property tax increase. Property taxes are only affected if a property’s value is above the average value change for the whole community, in most cases.

BC Assessment is the provincial corporation that determines the value of homes across the province for tax purposes and official records. Property owners that are concerned about their assessment should contact BC Assessment before submitting an appeal. The deadline for submitting an appeal is January 31st, 2024.

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