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North Shore property assessments show minimal changes in value

Detached homes in North Vancouver up 2%, down 2% in West Van

How much is your home worth in January 2024?

Chances are it’ll be similar to what it was a year ago, according to BC Assessment figures released on Tuesday.

Single-family homes in both the City and District of North Vancouver were up an average of two per cent over last year, with “typical” detached homes in both clocking in close to the $2 million mark, according to those statistics.

Single-family homes in West Vancouver were down about two per cent in value over last year, but a “typical” detached home there still came in at just over $3 million, according to the assessment authority.

Condos and townhouses showed similar trends, with strata properties up two per cent in the District of North Vancouver to $945,000, holding steady in the City of North Vancouver at $836,000 and up one per cent in West Vancouver, to $1.4 million.

BC Assessment released its annual valuations, which are used by municipalities to set tax rates, on Jan. 2. Assessments are based on sales data as of July 2023.

North Shore trends in property values reflected similar patterns throughout the Lower Mainland, where most property values were up or down within about five per cent of last year’s assessment.

“These changes are notably less than previous years,” said Bryan Murao, BC Assessment assessor.

That’s certainly true on the North Shore, where last January property owners were looking at increases in value of about 6.6 per cent for single-family homes and 9.3 per cent for condos and townhouses.

Increases are also a fraction of what they were in 2021, when the pandemic shifted buying patterns and assessments shot up more than 20 per cent in some North Shore neighbourhoods.

In the past year, a series of interest rate hikes have had a chilling effect on the real estate market, with the number of sales down from historical norms, according to the Real Estate Board of Greater Vancouver.

Homeowners who don’t want to wait for their mailed assessment notice can check their own property’s assessment – or that of any other property in the province – by logging on to BC Assessment and using the free online search tool.

On Tuesday, the province also announced the threshold for the homeowner grant will remain the same as last year, with properties valued up to $2.15 million qualifying for the grant.

The grant provides property tax relief up to $570 for owners in Metro Vancouver. Seniors, veterans or people with a disability can qualify for an additional grant of up to $845 in the Lower Mainland. To be eligible, homeowners need to use the property as a principal residence.

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