In BC, home owners recently received their 2022 BC Home Assessment in the mail. Or perhaps, like me, you were extra eager and pulled up the BC Assessments website on January 4th to find out the newly assessed value of your home. There’s no shortage of online chatter about how significant the increase in assessments were this year. So let’s take a look at what the BC Assessments mean for Squamish (and Whistler) residents.
A look at the numbers
According to BC Assessment, the province saw a +22% increase in property values; these assessments are based on what the market value was on July 1st, 2021. There’s been a lot of upward pressure on the market over the last two years, but the assessments still came as a surprise to many people. In Squamish, detached homes were assessed at +34.10% over the previous year, and strata units were assessed at +25.6% higher than 2021. This translates into an average of +30% for residential properties. Similarly, Whistler saw assessed values increase by 24.8% for residential properties.
There’s a lot of misconception about what these assessments mean to local homeowners. I’m not a BC Assessment expert, but I can to help dispel some of the concerns I’ve come across regarding Squamish property values in light of the new BC Assessments.
Here are 4 things you should know about the BC Home Assessments:
- BC Assessments do not necessarily translate into increased property taxes. Local governments determine their budgets before BC Assessments are published. The District of Squamish (DOS) offers a summary of the DOS budget that was adopted in December 2021, and you can check out the actual budget as well. Overall, the DOS projected a +4.07% tax increase for 2022, which equates to an average of $91 more per property. If your property was assessed at the average increase for Squamish (30%), you will likely see property taxes that approximately reflect a 4.07% increase compared to your 2021 property taxes. On the other hand, if your home increased in value MORE than the average 30% for the area, you can expect to pay slightly more than that. If your assessment was LESS than the average for your area, you can expect to pay slightly less. Looking for a more detailed explanation? BC Assessment has a video you can check out: Your Property Value Change and Property Taxes.
- Your BC Assessment is not an accurate current market value for your home. Assessments lag behind the current market and market conditions can fluctuate quickly. Although your BC Assessment can give you a relative indication of price, as a buyer or seller, you can’t solely rely on assessed value to provide a current market value. In an upward-moving market, the assessed value will be generally lower than what the market will currently bear. The takeaway? Don’t get hung up on assessed values.
- You can appeal your assessment if you feel that your property was not accurately represented. The deadline for a complaint is January 31, 2022, so act quickly! I will personally be making a complaint for one of my properties that increased by 65% this year (the area average was 38%), with a MUCH lower sale price than the assessed value in July and no improvements done on property.
- You can register and create an account with BC Assessment and access much more detailed informationon your properties and others in BC. I’m a bit of a data geek, and the interactive tools provide more comprehensive insights on areas and properties. You should check it out!
Interested in knowing what your Squamish or Whistler property is worth in the current market? Send me an email at: david@davidwiebe.ca, or reach out via my website. Follow me on Instagram for real estate information and market updates in Squamish and Whistler: @davidwieberealestate