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

Most foreigners in Canada stay in province that give them study permit: Report

Quebec showed the highest international student retention rate of around 85 per cent, followed by Manitoba and Alberta (80 per cent). British Columbia, Ontario, Newfoundland and Labrador, Nova Scotia, and Saskatchewan showed retention rates between 70 and 80 per cent.

Most foreigners in Canada stay in province that give them study permit: Report

StatCan data shows how pandemic changed commutes

A million Canadians took a bus or train to work in 2021, which is less than the 1.2 million who took transit when the data was first collected in 1996 and almost 50 per cent lower than it was in 2016.

StatCan data shows how pandemic changed commutes

Snowstorm paralyzes B.C. south coast

The snow and freezing temperatures turned many Metro Vancouver roads and bridges to sheets of ice, making the Tuesday evening commute an hours-long ordeal. At YVR, officials are urging patience after an EVA Air flight skidded off a taxiway upon landing Tuesday evening and remains stuck in the grass.

Snowstorm paralyzes B.C. south coast

SFU Surrey getting a new medical school to train doctors

Ten days after being sworn in as Premier of British Columbia, David Eby was at SFU’s Surrey campus to announce $4.9 million in start-up funding for the medical school on Monday and to share some of the first details about the school, which is aiming to accept it first students by September 2026.

SFU Surrey getting a new medical school to train doctors

Man allegedly assaulted several strangers before brandishing a weapon: VPD

Witnesses told police the man slapped a woman, assaulted a cyclist, then tried to attack someone who was walking amongst a group of people outside Nester’s Market. He also allegedly tried to start a fight near the Metropole Pub and brandished a weapon before being confronted by police.

Man allegedly assaulted several strangers before brandishing a weapon: VPD

Trudeau: Chinese protesters deserve free speech

Crowds in China angered by the anti-virus controls have called on leader Xi Jinping to resign in the biggest show of public dissent in decades. The regime has eased some of its strict controls after demonstrations in at least eight mainland cities as well as Hong Kong.