Assessment hikes for Lower Mainland strata units

Delta homeowners will learn today of their newly asssessed value of their homes, but it is already known that in the Lower Mainland, townhouse and condo owners will see a big jump.

Typical detached single-family homes are very stable in Metro Vancouver areas of Richmond, Vancouver, the North Shore and Burnaby, showing small changes from 0% to 5%. However, other areas will see greater increases of 10% to 20% for detached single-family homes, particularly across the Fraser Valley, Vancouver Island and the Okanagan.

When it comes to townhomes and condos, bigger increases will be seen. Here is where we are expected to see 10% to 30% increases across Metro Vancouver, Fraser Valley, Vancouver Island and the Okanagan. The highest increases will be in Metro Vancouver and the Fraser Valley.

When it comes to just how much of a price increase has been seen in Delta over the past year, the Real Estate Board of Greater Vancouver's sales figures for last month note the 'benchmark' price for a detached single-family home in Ladner increased 1.8% year over year, while in Tsawwassen it was 4.9%.

Townhomes in Ladner in the meantime, increased by 19.9%, while in Tsawwassen it was 26%. Condos in Ladner increased 8.2% and 11% in Tsawwassen.

In North Delta, according to the Fraser Valley Real Estate Board, the 'benchmark' price of a house over the same period increased 7.2%, but for townhomes it was 32.6%.

Condos on the other hand dropped almost 25%, because of a flood of new product coming into the North Delta market over the past year with the new Delta Rise high-rise.

It is important to understand that large increases in property assessments do not automatically translate into a corresponding increase in property taxes. How your assessment changes compared to the average in your area is what will affect your property taxes.

Assessments are based on the value of your  property as of July 1st, so price increases in the later half of the year won't have a bearing on your assessment notice.

If you have any questions about the value of your property, please give us a call.

Image result for image of increased property assessment

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