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Real Estate

Unveiling the Dynamics of Greater Vancouver Property Assessments 2024

In the ever-evolving landscape of Greater Vancouver’s real estate, 2024 property assessments bring forth a nuanced narrative, as per the insights shared by BC Assessment. The assessment landscape reveals intriguing trends, with some areas witnessing notable increases while others navigate a downward trajectory. This comprehensive overview aims to dissect the nuances of these assessments, empowering property owners with the knowledge to navigate this complex terrain.

Regional Dynamics

Belcarra’s Soaring Heights

Belcarra emerges as a beacon of growth, with detached home assessments experiencing a commendable nine percent surge. This surge surpasses neighboring areas, establishing Belcarra as a leader in the Greater Vancouver property market. A deeper dive into the specifics of this growth provides valuable insights for property owners and potential investors looking to capitalize on the region’s upward trajectory.

Richmond’s Strata Prowess

In the realm of strata homes, Richmond takes the lead with a four percent rise, outshining its counterparts. The intricate details of this rise, coupled with comparisons to neighboring areas, offer property owners a strategic vantage point. Understanding the dynamics of strata assessments in Richmond becomes crucial for those navigating the strata property landscape.

Sechelt’s Detached Downturn

Conversely, Sechelt experiences a six percent drop in detached home assessments, signaling a unique trend in this coastal community. Delving into the reasons behind this downturn and understanding the implications for property owners unveils valuable information for those invested in Sechelt’s real estate market.

Unraveling Assessment Notices

Property owners, armed with the knowledge of the assessment landscape, receive their 2024 assessment notices in the first week of January. These assessments, reflective of the market value as of July 1, 2023, showcase a narrow range of changes compared to the previous year. BC Assessment’s Assessor, Bryan Murao, underscores the stability, stating that “most homeowners can expect only modest changes in the range of -5% to +5%.”

2024 Greater Vancouver Property Assessments

Navigating the Assessment Landscape

Strategic Comparison

Property owners keen on understanding the accuracy of their assessments are encouraged to leverage BC Assessment’s website. Here, a wealth of information awaits, including a property’s photo, description, total assessed value, and legal details. Comparing assessments with neighboring properties and referencing sample sold properties provides a comprehensive framework for property owners to validate their assessments.

Appeal Process Insight

The deadline to appeal assessments looms on January 31, 2024. For those in disagreement with their assessments, a meticulous approach is key. Comparing assessments with neighboring properties and engaging with BC Assessment for adjustments in case of errors become pivotal steps. Property owners considering an appeal are directed to the Property Assessment Appeal Board website for comprehensive guidance on preparation.

Year-over-Year Insights

The presented sample property value changes offer a granular view of how assessments have shifted across various neighborhoods. These insights, backed by meticulous data, empower property owners with a clear understanding of the evolving real estate dynamics in their specific locales.

Location2023 Typical Assessed Valueas of July 1, 20222024 Typical Assessed Value as of July 1, 2023$Change%Change
Anmore detached$2,523,000$2,544,000+$21,000+1%
Bowen Island detached$1,362,000$1,365,000+$3,0000%
Belcarra detached$1,874,000$2,045,000+$171,000+9%
Burnaby detached$1,897,000$1,973,000+$76,000+4%
Burnaby strata$721,000$731,000+10,000+1%
Coquitlam detached$1,650,000$1,722,000+$72,000+4%
Coquitlam strata$712,000$720,000+8,000+1%
Delta (incl Ladner/Tsawwassen) detached$1,428,000$1,406,000-$22,000-2%
Delta strata$734,000$747,000+$13,000+2%
Gibsons detached$982,000$939,000-$43,000-4%
Maple Ridge detached$1,203,000$1,226,000+$23,000+2%
Maple Ridge strata$648,000$658,000+$10,000+2%
New Westminster detached$1,542,000$1,567,000+$25,000+2%
New Westminster strata$626,000$645,000+$19,000+3%
North Vancouver City detached$1,947,000$1,988,000+$41,000+2%
North Vancouver City strata$840,000$836,000-$4,0000%
North Vancouver District detached$2,050,000$2,087,000+$37,000+2%
North Vancouver District strata$924,000$945,000+$21,000+2%
Pemberton detached$1,332,000$1,340,000+$8,000+1%
Pitt Meadows detached$1,293,000$1,305,000+$12,000+1%
Port Coquitlam detached$1,347,000$1,391,000+$44,000+3%
Port Coquitlam strata$648,000$669,000+$21,000+3%
Port Moody detached$1,795,000$1,842,000+$47,000+2%
Port Moody strata$826,000$826,000No change0%
Richmond detached$1,822,000$1,874,000+$52,000+3%
Richmond strata$752,000$779,000+$27,000+4%
Sechelt detached$943,000$884,000-$59,000-6%
Squamish detached$1,496,000$1,475,000-$21,000-1%
Squamish strata$844,000$830,000-$14,000-2%
Vancouver detached$2,124,000$2,209,000+$85,000+4%
Vancouver strata$804,000$807,000+$3,0000%
West Vancouver detached$3,111,000$3,050,000-$61,000-2%
West Vancouver strata$1,390,000$1,407,000+$17,000+1%
Whistler detached$2,902,000$2,842,000+$60,000-2%
Whistler strata$1,358,000$1,349,000-$9,000-1%

Source of Data

BC Assessment

Key Statistics

Provincial Overview

BC Assessment, a provincial Crown corporation, oversees 2,184,692 properties province-wide. The 2024 roll values at $2.79 trillion, a three percent increase from the previous year. New constructions, subdivisions, and rezoning contribute significantly, totaling $39.62 billion—a noteworthy 18+ percent surge from 2023.

Lower Mainland Highlights

The Lower Mainland region sees its total assessments escalate to nearly $2 trillion in 2024. Of this, $27.2 billion stems from new constructions, subdivisions, and rezoning, showcasing the region’s dynamic growth.

Conclusion

In the intricate tapestry of Greater Vancouver’s property assessments, understanding the nuances is paramount. Armed with insights into regional dynamics, assessment processes, and year-over-year changes, property owners can navigate this landscape with informed precision. As the deadline for assessment appeals approaches, this knowledge serves as a strategic compass for those seeking to optimize their position in the ever-shifting real estate terrain. For more detailed information, visit BC Assessment or contact 1-866-825-8322.