Homes of all types in Burnaby soared in value, according to the BC Assessment service’s latest numbers.
Owners of more than 1,076,600 properties throughout the Lower Mainland can expect to receive their 2022 assessment notices which reflect market value as of July 1, 2021.
"British Columbia’s real estate market remains highly active and that means most property owners can expect higher assessment values for 2022,” said BC Assessment deputy assessor Bryan Murao, in a statement. "The widely reported heightened demand among homebuyers during the COVID-19 pandemic is reflected in the upward movement of property values across the province, including 10 to 30% increases throughout the Lower Mainland.”
In Burnaby, the value of a single-detached house jumped to an average of $1,725,000, a 19% increase from 2020’s $1,449,000. For strata-type homes, such as townhouses and condos, the increase was 10% to $646,000.
BC Assessment collects, monitors and analyzes property data throughout the year.
For the Lower Mainland region, the overall total assessments have increased from about $1.46 trillion in 2021 to about $1.75 trillion this year. Over $23.7 billion of the region’s updated assessments is from new construction, subdivisions and the rezoning of properties. BC Assessment’s Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," said Murao. "As noted on your Assessment Notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
“Property owners can find a lot of valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2021 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January,” said Murao.
“If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel,” adds Murao.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between Feb. 1 and March 15 to hear formal complaints.
