2023 BC Assessment preview says many properties to see increase in value

Despite the housing market taking a hit over the past several months, many property owners will see their home values increase in the upcoming BC Assessment.

According to a 2023 preview released Monday, Dec. 5, BC Assessment says trends in the real estate market as of July 1 of this year show “most homes are expected to be up in value.”

Assessor Bryan Murao says most B.C. homeowners can expect about a five to 15 per cent rise in their assessed values come January.

“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,” said Murao.

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“Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined,” he added. “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.”

BC Assessment notes that an increase in a property’s assessment doesn’t necessarily mean a person’s property taxes will go up. The Crown corporation says taxes are generally “only affected if you are above the average value change for your community.”

In recent months, B.C. real estate has seen a general decline in sales. Last month, the BC Real Estate Association said the average sale price across the province was expected to drop in the new year, saying that decline was forecast to be about five per cent.

Prospective homebuyers in Vancouver holding off on purchases

Some potential homebuyers are holding off, as a dip in housing prices is expected. But as Kier Junos reports, buyers in the Vancouver area will still face an affordability squeeze long before things get better.

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Changes in the real estate market come amid higher interest rates, which have put pressure on Canadians’ finances. The BCREA said that as many continue to struggle that it anticipated “market activity is going to fall below normal levels next year.”

B.C. property owners can expect to receive assessments in early January 2023.