…..says Central 1 chief economist, Bryan Yu
If you are like most Home Owners in BC, you already received your Home Assessment and now you are wondering how market prices will affect your property values.
“My assessment has gone up 40%, I can’t afford for my taxes to go up 40%!”
If you are a property owner in British Columbia, you will receive an assessment notice in January that shows the assessed value of your property as of July 1, 2020. It is important as a property owner to understand what you need to pay attention to on your assessment notice.
These interactive assessment notice guides will describe to you what the information is, why it may be important, where to find more detailed information, and what actions you need to take, if any.
Central 1 chief economist Bryan Yu says when COVID-19 hit last March it was assumed and predicted (including by the Canada Mortgage and Housing Corporation) that the domestic economy would falter and real estate values fall.
Well.. He was wrong. Quite wrong in fact.
After several weeks of very few residential real estate sales — including one week where the market simply dried up — people started buying the relatively few properties available around the province and prices rose.
Yu said that on average the price of a home in B.C. increased more than nine per cent in 2020. This was reflected in the B.C. Assessment Authority’s assessment roll released in early January that showed up to 15 per cent increases in some markets of detached homes and increases of around five to 10 per cent in the condo and apartment markets.
And those valuations, though released in January, actually reflect value as of July 1 — so it doesn’t include the last half of 2020 where sale prices have continued to rise.
WATCH – How BC Assessments assesses properties.
Still have questions…. Don’t hesitate to ask your Expert Neighborhood Realtor.
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