National

BC Assessment warns values up but not current

Darpan News Desk The Canadian Press, 05 Dec, 2022 02:29 PM

VANCOUVER - British Columbia's property assessment agency is warning homeowners that figures released next month estimating the value of their home will likely be higher than the current market price.

BC Assessment says in a statement that most owners can expect to see a five to 15 per cent rise in values when notices are issued Jan. 3.

However, it says those figures are based on the real estate market as of July 1, 2022, and conditions have changed.

Since then, interest rates have continued to rise while overall sales volumes have declined.

The valuation is used to assess local property taxes, and BC Assessment says an added tax burden would only come for owners if the value of their property increased above the average for that community.

The 2023 property assessments will be posted online at bcassessment.ca, along with regional news releases with detailed value changes by community, lists of top-valued homes and other market movement trends.

"Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined," assessor Bryan Murao says in the statement.

"As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone."

Prev Next

MORE National ARTICLES

Indecent act near Burnsview Secondary School: Delta Police

Via release, the suspect is described as a South Asian or dark-skinned male, 25-30 years old with a short beard, large nose, large lips, and approximately 5'8” to 6’ tall. He was wearing a black puffer jacket, red t-shirt, black jeans, black shoes, black toque with a brown bobble on top, and with Airpods in his ears.

Indecent act near Burnsview Secondary School: Delta Police

B.C. to bring in housing supply, rental changes

Premier David Eby, who was sworn in on Friday, says housing is one of the most critical issues that he will immediately address. The legislation includes provisions that allow the province to force municipal compliance, although the government says it doesn't expect that will be necessary for communities facing a housing crisis.

B.C. to bring in housing supply, rental changes

One dead, another hurt in B.C. mall shooting

Police say they were called to the mall Monday morning for a "serious police incident." Staff Sgt. Dave Uppal says that they know of the trauma this shooting will have on many people and supports are in place for those who may need help.

One dead, another hurt in B.C. mall shooting

Ex-mayor of Surrey, B.C., not guilty of mischief

McCallum said in brief remarks outside the courthouse Monday that he was “pleased with the decision.” He thanked his lawyers for “their tremendous efforts,” his family for “understanding and supporting me,” and the media for their “sensitivity” covering the case. “And to the people of Surrey, I love you. I love all of you,” he said.

Ex-mayor of Surrey, B.C., not guilty of mischief

VPD investigates after East Van diners robbed at gun-point

Two men with guns entered the restaurant, near Commercial Drive and Kitchener Street, at the height of Sunday brunch. They pointed the weapons at staff and patrons, ordering the victims to hand over cellular phones and other valuables, then fled in a vehicle.

VPD investigates after East Van diners robbed at gun-point

Woman robbed while trying to withdraw money from an East Van ATM over the weekend

The 34-year-old victim was attempting to use a bank machine near Broadway and Commercial around 10 p.m. Saturday when she was approached by a stranger who asked for a cigarette. The victim refused, and the man allegedly shoved her against a wall and demanded money.