2018 commercial property values will rise up to 20 per cent higher than last year’s 30 per cent increase
Tanya Commisso
Western Investor
Property owners across Greater Vancouver can expect 2018 assessment notices reflecting a 5 to 50 per cent increase on last year’s values, according to BC Assessment.
BC Assessment announced January 2 has mailed its 2018 residential and commercial property assessments, reflecting market values as of July 1, 2017.
“Overall, the Greater Vancouver region’s total assessments increased from $825.2 billion in 2017 to $907.1 billion this year,” a press release states. “A total of almost $13.2 billion of the region’s updated assessments is from new construction, subdivisions and rezoning of properties.”
The press release estimates commercial real estate values in urban areas of Greater Vancouver have rose anywhere between 5 and 50 per cent, while rural areas saw a more modest change of -5 per cent to 20 per cent.
Fraser Valley commercial property values have an expected increase in value of between 5 to 35 per cent. Thompson Okanagan region values have increased between 0 to 25 per cent, while Kooteney Columbia property values have changed anywhere between -5 and 15 per cent. Vancouver Island commercial will see an increase of between 0 and 20 per cent.
Northern B.C. posted the slightest property value change: between 0 to 10 per cent increase in both rural and urban area.
Light industrial properties in urban areas of Greater Vancouver have increased up to 45 per cent, while rural industrial properties have an estimated increase of up to 10 per cent. Fraser Valley industrial values in both urban and rural areas have risen between 5 and 30 per cent.
Property owners can expect to receive their assessments within the next few days. 2018 property taxes will be based on these assessment values. Owners can dispute assessment values by submitting a Notice of Complaint by January 31.
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