Assessments are in! Greater Vancouver assessments trending upward

Below was published by the Real Estate Board of Greater Vancouver. This article will give you more information about assessments & how to decipher them this year. 

Property owners received their 2018 assessment notices in the first week of January.

In Metro Vancouver, changes ranged from 5% decreases to 15% increases for detached homes. Residential strata units increased from 5% to 35%. Commercial properties increased from 5% to 50%. Property owners with significant increases received a warning assessment in early December 2017.

The 2018 Assessment Notice is BC Assessment’s (BCA’s) estimate of a property’s value as of July 1, 2017. For new construction or substantially renovated homes, the estimate is based on the physical condition as of October 31, 2017.

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