Despite actual property values falling BC property assessments up
Executive Summary
- British Columbia property assessments are up from last year
- Market values have shifted due to the pandemic
- Assessor is asking people to review their assessments and contact the office with any questions
British Columbia property owners are receiving their assessments for 2021 and the total value of the province’s properties has increased by 6.4%, according to BC Assessment.
The increase is due to the shift of the market values since the start of the COVID-19 pandemic.
It is important for property owners to review their assessments to make sure that the market value on their property is correct. Property owners should contact the BC Assessment office if they have questions about their assessment.
Andy Yan, director of the City Program at Simon Fraser University, said the increase in property assessment values go against the trend of lower housing prices in British Columbia.
“It’s kind of contrary to the trend that we’re seeing in the market with prices down over 10 per cent in some areas,” Yan said.
Yan said the increase in assessments is in part due to the fact that BC Assessment is still using the same data that was used to calculate assessment values before the pandemic.
