BC Property Appraisals: Fraser Valley Values ​​More Than Greater Vancouver

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BC homeowners will receive their property appraisals in the mail at any time. For most in the Lower Mainland, the market value in the 2023 notice will be higher than the year before, especially in the Fraser Valley.

This week, BC evaluation is sending notices to more than 1,089,000 Lower Mainland properties based on values ​​as of July 1, 2022.

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Although the summer housing market was in the early days of a cooling period that intensified towards the end of the year, assessments will show that properties “were still selling notably higher around July 1, 2022, compared to the previous year,” says Bryan Murao of BC Assessment.

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“For both single-family homes and condos in Greater Vancouver, most homeowners can expect a value increase of about nine percent,” says Murao, “whereas the Fraser Valley will be a bit higher, around 10 percent for houses and 15 percent for homes. penny for condos and townhomes.”

The same is true for commercial and industrial properties, with values ​​between five and 20 percent higher than last year’s assessments, with increases generally larger in the Fraser Valley.

Total property value in the Lower Mainland increased from approximately $1.75 trillion in 2022 to more than $1.94 trillion at the 2023 assessment. Nearly $23 billion of that increase comes from new construction, subdivisions, and rezoning.

For property assessment purposes, Lower Mainland is defined as Greater Vancouver, Fraser Valley, the Sea to Sky area, and the Sunshine Coast.

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Townships at the high end of percentage increases for single-family homes were Whistler and Pemberton (up 11 and 16 percent, respectively), Sechelt (15 percent), Surrey (13 percent), Langley Township (15 percent) , Pitt Meadows (15 percent) and Hope (14 percent).

Condo and townhome values ​​rose about 20 percent in White Rock, Langley City and Abbotsford, with big increases also in Whistler (17 percent), Tri-Cities (15 percent), Surrey (16 percent), Delta (18 percent) and Maple Ridge (15 percent).

Of course, a jump in your appraisal doesn’t necessarily translate into an increase in your property taxes. “As stated on your assessment notice, how your assessment changes relative to the average change in your community is what can affect your property taxes,” Murao says.

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Here’s a breakdown of typical changes in the value of single-family homes and condo and townhome strata in each community. Each lists the 2021 value, followed by the 2022 value, and the year-over-year percentage change.

SINGLE FAMILY RESIDENTIAL

City of Vancouver: $1,994,000 – $2,125,000 (+7%)

University Endowment Lands: $5,461,000 – $5,466,000 (0%)

City of Burnaby: $1,725,000 – $1,898,000 (+10%)

City of Coquitlam: $1,499,000 – $1,650,000 (+10%)

City of Puerto Coquitlam: $1,233,000 – $1,347,000 (+9%)

City of Port Moody: $1,627,000 – $1,793,000 (+10%)

City of New Westminster: $1,388,000 – $1,543,000 (+11%)

North Vancouver City: $1,777,000 – $1,947,000 (+10%)

North Vancouver District: $1,931,000 – $2,050,000 (+6%)

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West Vancouver District: $2,992,000 – $3,111,000 (+4%)

Squamish District: $1,386,000 – $1,497,000 (+8%)

Whistler Resort Township: $2,626,000 – $2,902,000 (+11%)

Town of Pemberton: $1,151,000 – $1,333,000 (+16%)

Bowen Island Township: $1,271,000 – $1,363,000 (+7%)

Town of Bahía de los Leones: $1,931,000 – $2,118,000 (+10%)

Belcarra Town: $1,746,000 – $1,874,000 (+7%)

Anmore Town: $2,372,000 – $2,523,000 (+6%)

Gibsons Town: $894,000 – $982,000 (+10%)

Sechelt District: $818,000 – $943,000 (+15%)

Surrey Town: $1,420,000 – $1,609,000 (+13%)

White Rock City: $1,581,000 – $1,754,000 (+11%)

City of Richmond: $1,699,000 – $1,822,000 (+7%)

Delta City: $1,285,000 – $1,428,000 (+11%)

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Langley Township: $1,162,000 – $1,337,000 (+15%)

City of Langley: $1,319,000 – $1,424,000 (+8%)

City of Abbotsford: $1,077,000 – $1,171,000 (+9%)

Chilliwack Town: $876,000 – $934,000 (+7%)

City of Maple Ridge: $1,118,000 – $1,203,000 (+8%)

City of Pitt Meadows: $1,125,000 – $1,293,000 (+15%)

Mission City: $962,000 – $1,053,000 (+9%)

Kent District: $710,000 – $795,000 (+12%)

Neighborhood of Hope: $621,000 – $705,000 (+14%)

Harrison Hot Springs: $807,000​ – $905,000 (+12%)

CONDOMINIUMS AND TOWNHOUSES (STRATS)

City of Vancouver: $759,000 – $803,000 (+6%)

University Endowment Lands: $5,461,000 – $5,466,000 (0%)

City of Burnaby: $646,000 – $720,000 (+12%)

City of Coquitlam: $631,000 – $711,000 (+13%)

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City of Puerto Coquitlam: $574,000 – $648,000 (+13%)

City of Port Moody: $731,000 – $826,000 (+13%)

City of New Westminster: $558,000 – $626,000 (+12%)

North Vancouver City: $761,000 – $840,000 (+10%)

North Vancouver District: $834,000 – $929,000 (+11%)

West Vancouver District: $1,323,000 – $1,416,000 (+7%)

Squamish District: $725,000 – $843,000 (+16%)

Whistler Resort Township: $1,154,000 – $1,345,000 (+17%)

Surrey Town: $604,000 – $701,000 (+16%)

White Rock City: $525,000 – $633,000 (+21%)

City of Richmond: $677,000 – $752,000 (+11%)

Delta City: $625,000 – $734,000 (+18%)

Langley Township: $676,000 – $767,000 (+13%)

City of Langley: $459,000 – $550,000 (+20%)

City of Abbotsford: $411,000 – $496,000 (+21%)

City of Maple Ridge: $563,000 – $649,000 (+15%)

— All data calculated based on median values

For more information or to find out how to appeal a property assessment, visit BC evaluationin.