BC Assessment releases latest property values

Property owners in B.C. can now see the most recent value of their home. On Tuesday, BC Assessment updated its database to reflect the market value of homes based on values as of July 1, 2023.

Property owners in B.C. can now see the most recent value of their home. On Tuesday, BC Assessment updated its database to reflect the market value of homes based on estimates as of July 1, 2023.

Bryan Murao, an assessor with B.C. Assessment said this year’s findings were unlike others, adding the organization found relative stability in home values.

“Most properties in the province changed only between minus five to plus five per cent,” he said. “I haven’t seen numbers that small for at least a few years.”

The November market report from the Real Estate Board of Greater Vancouver found the average price of a home in the region increased just under five per cent between November 2022 and November 2023.

According to the report, there was also a steady increase in housing inventory across Metro Vancouver.

In the report, Andrew Lis, the director of economics and data analytics with REBGV, said the increase in supply is creating balanced conditions across Metro Vancouver’s housing market.

"We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” Lis said.

B.C. Assessment also released a list of its top 500 most valued residential properties in the province. At number one is Chip Wilson’s Kitsilano property, assessed at nearly $82 million.