Delta homeowners are being warned that the latest assessed values of their homes may not be in line with how the real estate market is currently looking.
The BC Assessment authority is saying that, based on trends in the real estate market as of July 1, 2022, most homes are expected to be up in value with the assessment authority's soon-to-be released 2023 property assessments.
“Most homeowners around the province can generally expect about a five to 15 per cent rise in assessment values when they receive their notices in early January,” said Assessor Bryan Murao in a recent news release. “I want to emphasize that assessments are based on July 1 values of this year, meaning that when similar properties were sold up to and around July 1, those market value sales are used to calculate your assessed value.
“Since July 1, we know that the real estate market has changed as interest rates continue to rise and overall sales volume has declined. 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.”
Delta house prices have fallen this year. The latest city property tax increase is based on assessed values as of July 1, 2022, but prices continued to slide since then.
Delta council recently approved a 4.9 per cent property tax increase for next year.
For an average residential home with a change in value in line with the overall Delta average, the increase in 2023 property taxes is approximately $126.
That amount doesn’t include what other taxing authorities, including TransLink, will charge.
According to Real Estate Board of Greater Vancouver (REBGV) numbers this summer, the benchmark price for a single-detached house in Ladner in July 2022 was $1,460,300. That was down from the previous month as prices steadily inched downward over several months, but it was still up 15.6 per cent compared to July 2021.
The benchmark price for a detached house in Tsawwassen in July 2022 was $1,595,700, also down the previous month, but still up 13.6 per cent compared to July 2021.
According to the Fraser Valley Real Estate Board (FVRB) this summer, the benchmark price for a detached house in North Delta in July 2022 was $1,412,500. That benchmark at the time had also been declining over the previous months, but the benchmark was still up 13 per cent compared to July 2021.
By November 2022, prices continued to slip as the market was lagging more than usual in Delta and the Lower Mainland, according the REBGV, which noted last month’s home sale and listing totals lagged below the region’s long-term averages.
All British Columbia property owners will receive their annual property assessment notices in early January.
