The B.C. Assessment Authority has updated its website allowing homeowners to see what the value of their home was as of July 1, 2022.
The authority will be releasing full details of property value increases across the province on Jan. 4.
To check your home’s value, go to bcassessment.ca and search under the address.
The updated assessments arrive after a big year in real estate between July 2020 and July 2021 in which house prices across Canada jumped 34 per cent.
This growth increased beyond July 2021 into the start of 2022, however, as inflation began to take hold, the government responded by raising interest rates, which has dampened the housing market.
As a result, B.C. Assessment has advised homeowners that the value of their property as of July 2022 could be different from the reality of the current housing market.
“Most homeowners around the province can generally expect about a 5 to 15 per cent rise in assessment values when they receive their notices in early January,” said assessor Bryan Murao last month. “I want to emphasize that assessments are based on July 1 values of this year, meaning that when similar properties were sold up to and around July 1, those market value sales are used to calculate your assessed value.”
“Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined,” adds Murao. “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.”
Jeff Tisdale, the CEO of Landcor Data Corporation, says sales data shows the B.C. real estate market hit a “consensus peak” in March 2022 and has been sliding — both in number of sales and prices — since the assessments were done in July.
The current housing market is very slow. For example, according to Zealty.ca, there were only four detached homes sold in Vancouver over the past week and all went for less than asking price.
In July 2021, the priciest home in B.C. was at 3085 Point Grey Road belonging to Lululemon founder Chip Wilson valued at $73,147,000 (a rise of 9.5 per cent).
As of July 2022, the Wilson manse was valued at $74,089,000 — an increase of 1.3 per cent.
In July 2021 the second priciest home in B.C. was at 4707 Belmont Avenue valued at $64.6 million. As of July 2022 it was valued at $66.96 million — a jump of 3.6 per cent.
