This month, BC Assessment released the 2025 property assessments for over 1,120,000 properties across the Lower Mainland with a value of $2.01 trillion this year. Reflecting market values as of July 1, 2024, you can access these assessments online via BC Assessment, or via mail for property owners. Read below for some key takeaways from this year’s announcement.
Stabilization of Property Values
The housing market in the Lower Mainland and throughout British Columbia has generally stabilized for the second consecutive year. Similarly to 2024, most homeowners can anticipate modest assessment changes ranging from -5% to +5%. This trend indicates a period of relative stability after seeing an average of a 9% increase in values across Greater Vancouver as recently as 2023. The uniform change in value, regardless of property type, speaks to the impact of higher residential mortgage interest rates due to its impact to the real estate market, according to Bryan Murao, BC Assessment Assessor.
Community-Specific Assessment Changes
The most notable assessment increase in Metro Vancouver was in Burnaby, where single-family residential properties saw an average of a 4% increase to an average of just over $2 million. Other communities with a multi-percent increase include Port Coquitlam, and the District of North Vancouver, whilst communities like Coquitlam, Port Moody, West Vancouver, and the City of North Vancouver all saw a 0% – 1% increase. These communities all saw between 4% – 10% average increases in 2023. You can see a full break down of all communities here.
Understanding the Assessment Process
The assessment process in British Columbia is governed by the Assessment Act of British Columbia. This legislation provides the framework for BC Assessment to follow when creating and delivering property assessments. Assessments are based on the market value of your property as of July 1st on the previous year. The location, view, size, age, and features of the home are taken into consideration when determining assessed value, along with comparable sales prices and recent sales of properties with similar characteristics to your property.
Impact on Property Taxes
It is important to note that changes in property assessments do not directly translate to equivalent changes in property taxes. As Murao explains, changes in property assessments do not automatically translate into a corresponding change in property taxes. How your assessment changes relative to the average change in your community is what may affect your property taxes.
Understanding a property’s assessment is a vital step in managing your real estate investments. When looking for guidance in buying or selling property in Vancouver, Contact a trusted Virani advisor and let us help you today.
Lower Mainland 2025 Assessments Announced – 4 Key Takeaways
This month, BC Assessment released the 2025 property assessments for over 1,120,000 properties across the Lower Mainland with a value of $2.01 trillion this year. Reflecting market values as of July 1, 2024, you can access these assessments online via BC Assessment, or via mail for property owners. Read below for some key takeaways from this year’s announcement.
Stabilization of Property Values
The housing market in the Lower Mainland and throughout British Columbia has generally stabilized for the second consecutive year. Similarly to 2024, most homeowners can anticipate modest assessment changes ranging from -5% to +5%. This trend indicates a period of relative stability after seeing an average of a 9% increase in values across Greater Vancouver as recently as 2023. The uniform change in value, regardless of property type, speaks to the impact of higher residential mortgage interest rates due to its impact to the real estate market, according to Bryan Murao, BC Assessment Assessor.
Community-Specific Assessment Changes
The most notable assessment increase in Metro Vancouver was in Burnaby, where single-family residential properties saw an average of a 4% increase to an average of just over $2 million. Other communities with a multi-percent increase include Port Coquitlam, and the District of North Vancouver, whilst communities like Coquitlam, Port Moody, West Vancouver, and the City of North Vancouver all saw a 0% – 1% increase. These communities all saw between 4% – 10% average increases in 2023. You can see a full break down of all communities here.
Understanding the Assessment Process
The assessment process in British Columbia is governed by the Assessment Act of British Columbia. This legislation provides the framework for BC Assessment to follow when creating and delivering property assessments. Assessments are based on the market value of your property as of July 1st on the previous year. The location, view, size, age, and features of the home are taken into consideration when determining assessed value, along with comparable sales prices and recent sales of properties with similar characteristics to your property.
Impact on Property Taxes
It is important to note that changes in property assessments do not directly translate to equivalent changes in property taxes. As Murao explains, changes in property assessments do not automatically translate into a corresponding change in property taxes. How your assessment changes relative to the average change in your community is what may affect your property taxes.
Understanding a property’s assessment is a vital step in managing your real estate investments. When looking for guidance in buying or selling property in Vancouver, Contact a trusted Virani advisor and let us help you today.