VANCOUVER (NEWS 1130) – Your eyes could pop when you read your 2016 assessment notice. Single-family home values are seeing the largest increase of the last ten years.
The assessed value of single-family homes will increase by between 15 and 25 per cent. Strata properties like townhouses will experience five to ten per cent increases.
BC Assessment takes a look at a handful of factors and the hot real estate market can’t be ignored, according to Assessor Jason Grant.
“The real estate market creates value and BC Assessment reports that value as of each January to property owners. It’s important to understand the values that are going to be contained in the upcoming 2016 assessment notices are based on a valuation date of July 2015,” says Grant.
There’s a chance your home accrued more value since then. The assessed value is not always what homes sell for in this market. People are quite often willing to pay much more.
Click here to see what your home is worth based on in the 2015 assessment.