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Greater Vancouver assessments remain stable

Posted on January 12, 2024 by Unilife Realty Inc.

Property owners receive their 2024 assessment notices the first week of January, an assessment which reflects the market value as of July 1, 2023.

Assessments remained in a narrow range compared to last year in Greater Vancouver and “most homeowners can expect only modest changes in the range of -5% to +5%,” according to BC Assessment (BCA) Assessor Bryan Murao. “These assessment changes are notably less than previous years,” Murao said.

For detached homes, Belcarra led the way with a nine per cent increase, followed by Burnaby, Coquitlam, and Vancouver, each with four per cent increases.

For strata homes, Richmond led the way with a four per cent increase followed by New Westminster and Port Coquitlam, each with a three per cent increase.

For detached homes, the biggest drop was in Sechelt which saw a six per cent decrease, followed by Gibsons, with a four per cent decrease. Squamish stratas declined two per cent, while Whistler stratas declined one per cent.

For new construction or substantially renovated homes, the estimate is based on the physical condition as of October 31, 2023.

Viewing the assessment notice

Property owners can also see a property’s assessment using the address on BCA’s website.

Details include a photo, a property description (land and buildings), the total assessed value, the previous year’s value, the legal description and property ID.

If property details are incorrect, property owners are directed to complete and submit an Data Validation Form.

Property owners can also compare neighbouring properties and sample sold properties to decide whether their property has been correctly assessed.

Deadline to appeal assessment is January 31, 2024

Property owners who disagree with their assessment should do homework by:

comparing their assessment with neighbouring properties; and
contacting BCA at 1-866-825-8322, talking with staff who can make adjustments if there’s an obvious error, for example if BCA included a complete renovation when there was only a spruce-up or an upgrade for plumbing or electrical.

Property owners who decide to appeal their property assessment should review information on the Property Assessment Appeal Board website on how to prepare for an appeal.

Each year less than one per cent of BC property owners appeal their assessments.

Note: you can’t appeal your taxes. You can only appeal your assessment.

For information about BC Assessment and to access e-valueBC visit: www.bcassessment.ca or phone 1‑866-825-8322.

Sample property value changes year-over-year, by neighbourhood

Location	2023 Typical Assessed Valueas of July 1, 2022	2024 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	+$3,000	0%
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	-$4,000	0%
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	$826,000	No change	0%
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	+$3,000	0%
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: BC Assessment

Read more about Greater Vancouver assessments.

Did you know?

BCA is a provincial Crown corporation, since 1974 responsible for determining and reporting property value estimates.
Number of properties assessed province-wide: 2,184,692 an increase of one per cent from 2023.
Total value of the 2024 roll is $2.79 trillion, an increase of three per cent from 2023.
Total value of new construction, subdivisions and rezoning: $39.62 billion, an increase of 18+ per cent from the 2023 Roll of $33.52 billion.

For the Lower Mainland region, total assessments increased to nearly $2 trillion in 2024, up from $1.94 trillion in 2023.
$27.2 billion of the Lower Mainland region's updated assessments is from new construction, subdivisions and the rezoning of properties.

Read about Lower Mainland highlights

Property tax

Property taxation is determined by local and provincial taxing authorities after determining their budget needs and calculating property tax rates based on the assessment roll for their jurisdiction.

Municipalities determine tax rates for each property class in the spring, once the assessment roll is finalized. Changes in assessment over the year don’t automatically translate into the same percentage changes in property taxes for any particular class of property or for any individual property.