B.C. hous­ing mar­ket shows signs of mod­er­a­tion : as­sess­ment agency

Asian Journal - - BRITISH COLUMBIA -

Van­cou­ver: As­sessed val­ues of some sin­gle fam­ily homes in Metro Van­cou­ver’s once red hot hous­ing mar­ket dropped be­tween five and 10 per cent in the lat­est as­sess­ments used to de­ter­mine prop­erty taxes in British Columbia.

Mean­while, BC As­sess­ment says some prop­erty own­ers in the rest of the prov­ince have seen five to 15 per cent in­creases in their prop­erty val­ues.

The agency fore­casts con­do­minium val­ues will in­crease by up to 20 per cent across B.C. this year.

Com­mer­cial and in­dus­trial prop­er­ties saw an in­crease of be­tween 10 and 20 per cent across most of the prov­ince, with some mar­kets around Metro Van­cou­ver in­creas­ing up to 30 per cent.

BC As­sess­ment col­lects, mon­i­tors and an­a­lyzes prop­erty data.

Its as­sess­ments are based on the es­ti­mate of a prop­erty’s mar­ket value on July 1 of each year and its phys­i­cal con­di­tion on Oct. 31.

Deputy as­ses­sor Keith Ma­clean-tal­bot says in­creases in prop­erty as­sess­ments do not au­to­mat­i­cally trans­late into a cor­re­spond­ing in­crease in prop­erty taxes.

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