B.C. property assessment values expected to rise up to 15%
Most homeowners will see their property assessment values increase next year when BC Assessment's latest figures are released in January.
The corporation expects assessment values to increase by an average of five to 15 per cent compared to last year.
The assessments are based on values determined on July 1 of this year, and are compared to the same time period from the year before.
"Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined," said Bryan Murao, assessor with BC Assessment, in a release Monday.
"As a result, your next property assessment will likely be higher than what the current market value might be, but that will be the same for everyone," he said.
BC Assessment notes that if your property assessment value increases, that may not necessarily mean your property taxes will rise as well.
"Taxes are typically only affected if you are above the average value change for your community," said Murao.
"Our job is to make sure your assessment is a fair and accurate reflection of market value sales based on July 1," he said.
BC Assessment says its estimate that properties will increase in value by an average of five to 15 per cent is preliminary.
Confirmed property assessment information will be released on Jan. 3, 2023.
British Columbians will be able to search and compare 2023 property assessments through the BC Assessment website starting on Jan. 3.
CTVNews.ca Top Stories
New Norad commander calls Canada's defence policy update 'very encouraging'
American troops will be spending more time training in the Far North, the new commander of Norad says, a strategy that fits 'hand-in-glove' with Canada's renewed focus on Arctic defence.
opinion The special relationship between King Charles and the Princess of Wales
Royal commentator Afua Hagan writes that when King Charles recently admitted Catherine to the Order of the Companions of Honour, it not only made history, but it reinforced the strong bond between the King and his beloved daughter-in-law.
$70M Lotto Max winners kept prize a secret from family for 2 months
During a special winner celebration near their hometown, Doug and Enid shared the story of how they discovered they were holding a Lotto Max ticket worth $70 million and how they kept this huge secret for so long.
Expert warns of food consumption habits amid rising prices
A new survey by Dalhousie University's Agri-Food Analytics Lab asked Canadians about their food consumption habits amid rising prices.
Charlie Woods, son of Tiger, shoots 81 in U.S. Open qualifier
Charlie Woods failed to advance in a U.S. Open local qualifying event Thursday, shooting a 9-over 81 at Legacy Golf & Tennis Club.
Improve balance and build core strength with this exercise
When it comes to cardiovascular fitness, you may tend to focus on activities that move you forward, such as walking, running and cycling.
Documents reveal Ottawa's efforts to get Loblaw, Walmart on board with grocery code
It was evident to the federal government as early as last fall that Loblaw and Walmart might be holdouts to the grocery code of conduct, jeopardizing the project's success.
B.C. tenants evicted for landlord's use after refusing large rent increase to take over neighbouring suite
Ashley Dickey and her mother rented part of the same Coquitlam duplex in three different decades under three different landlords.
Madonna says her kids' 'enthusiasm' kept her going while on tour after 'near death' hospitalization
As Madonna approaches her 80th show on her 'Celebration' tour, she took a moment to appreciate how much her six children have helped her get to this point after being hospitalized last year before the tour began.