B.C. property assessments released

Photo: Colin Dacre

B.C. property owners can now check the updated value of their homes and other real estate assets.

BC Assessment has updated its database ahead of the release of province-wide and regional data next week.

You can check the new value of your property, as of July 1 2022, here.

BC Assessment said in a statement earlier this month that most owners can expect to see a five to 15 per cent rise in values.

However, it says those figures are based on the real estate market as of July 1, 2022, and conditions have changed.

Since then, interest rates have continued to rise while overall sales volumes have declined.

In July 2022, the benchmark price of a single detached home in the Central Okanagan was $1.06 million. In November 2022, that figure sat at $1.02 million.

The valuation is used to assess local property taxes, and BC Assessment says an added tax burden would only come for owners if the value of their property increased above the average for that community.

BC Assessment will be releasing those community averages on Jan. 3.