Vancouver’s red-hot real estate market isn’t just pushing up the price of houses.
BC Assessment is telling homeowners in the city to be prepared for a sharp increase in their next property assessments.
The agency is sending early notification letters to 37,000 property owners to let them know their 2016 property value is going up by about 15 per cent more than normal.
Spokesperson Jason Grant says with the state of the current housing market, the increases shouldn’t come as a surprise.
“BC Assessment sends out early notifications each year. There are significantly more this year and that’s not surprising given the rapidly rising real estate market in the Greater Vancouver area,” Grant said.
In the region, the assessment for single family homes is expected to rise in the 15 to 25 per cent range.
BC Assessment says there have only been two or other instances since 1980 that it’s seen those types of increases.
“The closer you get to the city of Vancouver the higher the increase for as single family dwelling,” Grant said, adding that properties within 20 to 30 minutes within driving distance will also see significant jumps.
The rest of the province is expected to see raises of zero to 10 per cent.
New 2016 assessments will be arriving in the mail in first week of January.
The increases don't necessarily mean property taxes are going up right way, or the same amount, the agency notes.
