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Articles
by Michael C. Lount, B.A.Sc., AACI

Commercial and Residential Assessment Changes for Greater Vancouver 2021
Press release. January 2021 – BCAssessment.com
by Michael C. Lount, B.A.Sc., AACI

If you are a commercial property owner you should contact us directly for further information.

Property owners in British Columbia of more than 1,056,000 properties throughout the Lower Mainland should have received their 2021 assessment notices which reflect market value as of July 1, 2020.

Despite COVID-19, the Lower Mainland residential real estate market has been resilient. For the most part, homeowners can expect relatively moderate increases in value. This strength is a stark contrast to last spring when the market came to a temporary standstill followed by the remainder of the year having a very steady and rapid recovery.

"The commercial and industrial markets, however, have been much more varied with both decreases and increases depending upon the specific sector. Commercial sales activity has remained low, value changes have been mostly moderate across many property types but certain commercial and industrial markets s show signs of being hard hit.

As British Columbia’s longest established and trusted provider of property assessment reviews and appeals we collect, monitor and analyzes property data throughout the year clients.
“Commercial, Industrial and Investment property owners who feel that their property assessment does not reflect market value as of July 1, 2020 or see incorrect information on their notice, should contact mclount@telus.net as soon as possible in January”, says independent Assessment Analyst Mike Lount. 604-727-7902. High value residential properties should also contact us if they have assessment value concerns.

The table below indicates British Columbia's estimated range of percentage changes to 2021 assessment values for residential properties compared to 2020. Please note property assessments may vary by jurisdiction or municipality across the province. Actual market values for individual properties can and do vary from these ranges. The data is for July 1, 2020.

British Columbia's estimated range of percentage changes to 2021 assessment values for residential properties compared to 2020.
Property Type	British Columbia: Province-wide 2021 Assessments Range of % Changes in Value for the Majority of Residential Properties (as of July 1, 2020)
Residential Single Family Homes	0% to +10%
Residential Strata Homes (e.g. condos/townhouses)	0% to +10%

For the Lower Mainland region, the overall total assessments have increased from about $1.41 trillion in 2020 to about $1.46 trillion this year. Over $15 billion of the region's updated assessments is from new construction, subdivisions and rezoning of properties. The Lower Mainland region in this case includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.

The summaries below provides estimates of typical 2020 versus 2021 assessed values of properties throughout the region. These examples demonstrate market trends for single-family residential properties by geographic area:*

Single Family Home Changes by Community	2020 Typical Assessed Value as of July 1, 2019	2021 Typical Assessed Value as of July 1, 2020	% Change
City of Vancouver	$1,567,000	$1,717,000	+10%
University Endowment Lands	$ 4,949,000	$ 4,923,000	-1%
City of Burnaby	$ 1,363,000	$ 1,449,000	+6%
City of Coquitlam	$ 1,122,000	$ 1,187,000	+6%
City of Port Coquitlam	$ 876,000	$ 944,000	+8%
City of Port Moody	$ 1,192,000	$ 1,264,000	+6%
City of New Westminster	$ 1,054,000	$ 1,119,000	+6%
City of North Vancouver	$ 1,351,000	$ 1,452,000	+7%
District of North Vancouver	$ 1,479,000	$ 1,578,000	+7%
District of West Vancouver	$ 2,356,000	$ 2,472,000	+5%
District of Squamish	$ 930,000	$ 1,026,000	+10%
Resort Municipality of Whistler	$ 2,014,000	$ 2,034,000	+1%
Village of Pemberton	$ 873,000	$ 945,000	+8%
Bowen Island Municipality	$ 934,000	$ 1,019,000	+9%
Village of Lions Bay	$ 1,384,000	$ 1,436,000	+4%
Village of Belcarra	$ 1,318,000	$ 1,319,000	+1%
Village of Anmore	$ 1,989,000	$ 2,013,000	+1%
Town of Gibsons	$ 657,000	$ 671,000	+2%
District of Sechelt	$ 568,000	$ 600,000	+6%
City of Surrey	$ 1,010.000	$ 1,062,000	+5%
City of White Rock	$ 1,195,000	$ 1,245,000	+4%
City of Richmond	$ 1,322,000	$ 1,405,000	+6%
City of Delta	$ 917,000	$ 968,000	+6%
Township of Langley	$ 922,000	$ 986,000	+7%
City of Langley	$ 809,000	$ 838,000	+4%
City of Abbotsford	$ 727,000	$ 779,000	+7%
City of Chilliwack	$ 590,000	$ 627,000	+6%
City of Maple Ridge	$ 768,000	$ 814,000	+6%
City of Pitt Meadows	$ 821,000	$ 843,000	+3%
District of Mission	$ 651,000	$ 706,000	+8%
District of Kent	$ 494,000	$ 526,000	+7%
District of Hope	$ 409,000	$ 427,000	+4%
Harrison Hot Springs	$ 577,000	$ 599,000	+4%

*All data calculated based on median values.

These examples demonstrate market trends for strata residential properties (e.g. condos/townhouses) by geographic area for select urban areas:*

Strata Homes (Condos/Townhouses) Changes by Community	2020 Typical Assessed Value as of July 1, 2019	2021 Typical Assessed Value as of July 1, 2020	% Change
City of Vancouver	$ 688,000	$ 711,000	+3%
City of Burnaby	$ 571,000	$ 588,000	+3%
City of Coquitlam	$ 537,000	$ 561,000	+4%
City of Port Coquitlam	$ 486,000	$ 506,000	+4%
City of Port Moody	$ 617,000	$ 622,000	+1%
City of New Westminster	$ 500,000	$ 511,000	+2%
City of North Vancouver	$ 658,000	$ 690,000	+5%
District of North Vancouver	$ 693,000	$ 732,000	+6%
District of West Vancouver	$ 1,157,000	$ 1,156,000	0%
District of Squamish	$ 561,000	$ 571,000	+2%
Resort Municipality of Whistler	$ 920,000	$ 931,000	+1%
City of Surrey	$ 497,000	$ 510,000	+3%
City of Maple Ridge	$ 437,000	$ 457,000	+5%
City of White Rock	$ 460,000	$ 452,000	-2%
City of Delta	$ 545,000	$ 552,000	+1%
Township of Langley	$ 531,000	$ 543,000	+2%
City of Langley	$ 369,000	$ 381,000	+3%
City of Abbotsford	$ 329,000	$ 343,000	+4%

*All data calculated based on median values.

Check out the other information on our website.

“Commercial, Industrial and Investment property owners who feel that their property assessment does not reflect market value as of July 1, 2020 or see incorrect information on their notice, should contact mclount@telus.net as soon as possible in January”, says independent Assessment Analyst Mike Lount. 604-727-7902. High value residential properties should also contact us if they have assessment value concerns.

Have questions?

Commercial, Industrial and Investment property owners can contact M.C, Lount & Associates Ltd at 604-727-7902 or online at bcassessment.com (http://www.bcassessment.com/). During the month of January, hours of operation are 8:00 a.m. to 6:00 p.m., Monday to Saturday.

Michael Lount, BA Sc., AACI, P.APP.

mclount@telus.net

604-727-7902

www.BCAssessment.COM

www.MyCityTaxes.com

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M.C. Lount & Associates Ltd. is a leading provider of property assessment reviews and appeals, particularly in the commercial, Industrial and investment sectors, with many successes. Commercial, industrial or investment property owners are welcome to reach us at 604-727-7902 for a free consultation, and possible free review of their assessment, particularly in consideration of the general massive increases this year.

Please check out your assessment at e-value section on our web, a free online government service that allows you to look up and compare 2018 property assessments in your city and neighbourhood.

M.C. Lount & Associates Ltd website at bcassessment.com includes more details about assessments, property information.

bcassessment.com also provides a link to a free online government e-value service that allows you to look up and compare property assessments in your city and Neighbourhood.

Compare your commercial or residential property assessment with that of other properties by address or by sold properties here

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