Finance

Condos jump in value: BC Assessment

Condos jump in value: BC Assessment

Each property owner in the province should expect their own 2018 assessment notices in the mail over the coming days.

Tina Ireland, B.C. Assessment's assessor for Greater Victoria, said the residential strata market has been "particularly robust" and assessments in that category have increased between 15 and 35 per cent.

Last year, in response to the massive increase in single-family home values, the provincial government raised the threshold at which owners begin to lose the homeowners grant - bumping it from $1.2 million to $1.6 million of assessed value. Vancouver Island commercial will see an increase of between 0 and 20 per cent.

Real estate sales determine a property's value which is reported annually by BC Assessment.

- If you believe the panel did not consider changes or physical problems with your property, did not assess the fair market value of your property or you believe the assessment is inconsistent with that of similar properties, you can file an appeal of the panel's decision with the Property Assessment Appeal Board by April 30.

BC Assessment's website (www.bcassessment.ca) includes more details about 2018 assessements, property information and trends such as lists of 2018's top-value residential properties across the province.

As opposed to last year when single-family homes saw huge assessment increases, some as much as 50 per cent, this year it's townhouses and condos that are seeing the largest hikes.

"The western communities increased, Sidney increased, and those jurisdictions past year didn't experience the same kind of volume", said Deputy Assessor Gerry Marolla.

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The value of most homes in the region will increase with owners of residential strata units, or condos and townhouses, seeing the biggest rise: 10-40 per cent.

The Okanagan's total assessment value increased from $98 billion in July of 2016 to $119 billion in July of 2017.

Increases to the average assessed values were also seen in all of Kamloops' outlying communities.

"It can end up being very time-consuming and a costly experience if you don't do your homework in advance", said Sullivan, adding that he doesn't see many people win cases.

Bobby Ross, a real estate agent with Pemberton Holmes, agrees the assessment notices have little impact on the real estate market.

Rural Chilliwack, Langley City and Abbotsford saw the highest average increases in residential property values with 22 per cent, 20 per cent and 18 per cent, respectively. Between one and two per cent of people file an appeal with B.C. Assessment every year (the deadline is January 31), but property tax agent Paul Sullivan said people shouldn't file one without doing careful research ahead of time.

This year, changes in assessment values for Delta's different communities vary, but remain in the single digits. This common valuation date ensures there is an equitable property assessment base for property taxation.

BC Assessments collects, monitors and analyzes property data throughout the year.