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.
The Canadian Press