Owners of homes that saw a significant increase in value up in the first half of 2015 will receive early warning letters about their 2016 assessments ahead of the usual January notices, BC Assessment announced December 8.
The agency said, “Following a very active year in which residential values continue to climb, some property owners across the Greater Vancouver region can expect their 2016 property assessments to increase notably more than the average and, therefore, are currently receiving an early notification from BC Assessment.”
Assessor Jason Grant said, "The recently finalized 2016 assessments are indicating significant increases from 2015. Increases of 15 to 25 per cent will be typical for single-family homes in Vancouver, the North Shore, Burnaby, Tri-Cities, New Westminster, Richmond and Surrey.
“Typical strata residential increases will be in the five to 10 per cent range."
Grant continued, “Across the province, we have just issued about 37,000 early notification letters, with almost two thirds of those going to Greater Vancouver property owners. Early notification letters are mailed to property owners who can expect an increase of at least 15 per cent above the average increase in their local taxing jurisdiction. We want to ensure impacted property owners are aware of the significant increases and we welcome them to contact us if they have any questions or concerns."
The agency said that new assessments for all properties will be released on January 4, 2016, and all the remaining 2016 assessment motices will be mailed to property owners during the first week of January.
"The market for single family homes between July 1 and the end of November has continued to rise dramatically, so property owners should be reminded that their 2016 assessments are based on the market value as of July 1, 2015," added Grant.
The table below provides examples of single-family home assessment increases in a selection of Greater Vancouver communities. These are actual assessments of individual homes, and are not an average.