Assessment shock: Which property values in Metro Vancouver and B.C. will be most out of whack?

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Those assessment notices coming in January will reflect property values on July 1, 2022, when the real estate market was hot

Homeowners across Metro Vancouver will receive their property assessments next month, and they won’t reflect reality in a slowing sales market. Photo by Darryl Dyck /THE CANADIAN PRESS Article content

B.C. Assessment has advised homeowners that the value of their property as listed early in the new year will likely be very different from the reality of the current housing market.

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That’s because January’s annual assessments are based on market values on July 1, 2022, a time when the British Columbia real estate market was hot. Now, with sales volumes and prices slumping and interest rates on a steady climb, the real value of single-family houses, townhouses, condos and apartments is dropping — in many cases by a lot.