B.C. property assessments: Fraser Valley values up more than Greater Vancouver

B.C. homeowners will get their property assessments in the mail any day now. For most in the Lower Mainland, the market value in the 2023 notice will be higher than a year earlier, especially in the Fraser Valley.

Though the summer real estate market was in the early days of a cooling-off period that intensified toward the end of the year, the assessments will show that properties were “still selling notably higher around July 1, 2022, compared to the previous year,” says B.C. Assessment’s Bryan Murao.

“For both single-family homes and condos in Greater Vancouver, most homeowners can expect about a nine per cent rise in values,” says Murao, “whereas the Fraser Valley will be a bit higher at about 10 per cent for houses and 15 per cent for condos and townhomes.”

The same holds true for commercial and industrial properties, with values about five to 20 per cent higher than last year’s assessments, with generally bigger increases in the Fraser Valley.

The overall value of property in the Lower Mainland rose from about $1.75 trillion in 2022 to more than $1.94 trillion in the 2023 assessment. Nearly $23 billion of that increase is from new construction, subdivisions and rezonings.