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
BREAKING Average hourly wage in Canada now $34.95: StatCan
Average hourly wages among Canadian employees rose to $34.95 on a year-over-year basis in April, a 4.7 per cent increase, according to a Statistics Canada report released Friday morning.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
This iconic Canadian song is turning 50
Andy Kim's 'Rock Me Gently' is marking a major milestone, as it celebrates its 50th anniversary.
Oprah Winfrey: I set an unrealistic standard for dieting
Oprah Winfrey said on Thursday evening that she has long played a role in promoting unhealthy and unrealistic diets.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Toronto police called to Drake's Bridle Path mansion for another alleged intruder on Thursday
Toronto police say a man who allegedly attempted to access Drake’s Bridle Path property was taken to hospital on Thursday after an altercation with security guards.
Flat tire on a highway? Here's why you shouldn't try to fix it
If you're cruising down a highway and realize you have a flat tire, you may want to think twice before stopping to fix it on the side of the road.
Storm-battered U.S. South is again under threat. A boy swept into a drain fights for his life
Dangerous storms crashed over parts of the U.S. South on Thursday even as the region cleaned up from earlier severe weather that spawned tornadoes, killed at least three people, and gravely injured a boy who was swept into a storm drain as he played in a flooded street.
Broadcaster and commentator Rex Murphy dead at 77: National Post
The National Post is reporting that Rex Murphy, the pundit and columnist who hosted a national call-in radio show for decades, has died.