BC Property Assessment by Region [Video]

Matt Chan • January 11, 2016

This is the 2016 British Columbia property assessment overview. Prepared for you by us, BC Assessment, your trusted go-to source for property information.

2016 property assessments are based on property values as of July 1st, 2015. So if you own property in BC, your property assessment will be mailed to you in January, so look for your assessment in the mail. There are some interesting facts to consider for 2016, for example, the total number of properties within BC has increased to about 2 million or 1.06% increase from 2015. The total value of all real estate has increased over 1.3 trillion dollars. That’s an 11.1% increase from 2015, and the value-added from new construction, subdivisions and rezoning alone is equal to 20.3 six billion dollars, an 8.9% increase from 2015.

Let’s take a look at some highlights in BC’s regions, starting in Greater Vancouver where 2016 increases are quite dramatic.

A typical urban residential single detached home is up 15-30 % and climbing compared to last year.
Urban residential strata units, are generally up a relatively modest 10%, and greater Vancouver’s highest assessed home, is nearly sixty four million dollars for 2016.
Greater Vancouver’s urban commercial properties are also up significantly, with typical increases in the 10-25% range for 2016.

Next stop, let’s head further south, here we have included southern parts of Metro Vancouver, such as Richmond and Surrey, along with the usual Fraser Valley Community.

Typical residential single detached homes have increased by 5-25% in urban areas, with changes of minus 5 plus 5% in rural areas.
Residential strata units have generally experienced an increase of 0-10% compared to last year and commercial property increases, are in the 5-15% range.

Now let’s head further east to the Thompson Okanagan region.

Typical residential homes increased anywhere from 0-10% in urban areas, and 0-5% in rural areas.
Changes to commercial property assessments are generally in the minus 5 to plus 10% range.

Next off, let’s head over to the Kootenay Columbia region.

Typical residential homes are experiencing changes of 0-10%, in both rural and urban areas.
Commercial properties are generally changing by minus 5 to plus 5%.

Now let’s head north to the vast northern BC region.

Both residential homes, as well as commercial properties have experienced changes in the range of 0-10%, in both rural and urban areas.

Finally, let’s head back south, down the coast, to the Vancouver Island region.

Across the island typical residential homes have changed in the minus 5 to plus 10% range compared to last year
Commercial properties are generally changing minus 5 to plus 5%

Here’s how each region’s single highest assessed home stacks up for 2016. The Greater Vancouver region, Vancouver Island region, the Fraser Valley region, the Thompson Okanagan region, the Kootenay Columbia region, and the northern BC region. To find out more on the top value of residential properties in your region, visit the top 100 lists for each region and the expanded top 500 list for the entire province at bcassessment.ca.

With our comprehensive approach and innovative technologies, such as street front imagery and 3D modeling, and by using a number of information sources; like building permits, land titles office, real estate transactions, on-site inspection, aerial and street front imagery, and owner reporting through online questionnaires and forms. We prepare fair, uniform, and equitable assessments. We want to make sure we give you the best customer service and most accurate information possible. So, look for your assessment in the mail arriving in January. We encourage you to compare it online to other property values in your area, using our evalue BC service at bcassessment.ca.

If you haven’t received your assessment, or if you have more questions about your assessment after using our services, call us at 1 866 value BC. If you want to file an appeal, you need to file by the February 1st, 2016 deadline. We value conversation, so start the conversation, by following us on Twitter, Facebook, LinkedIn, and YouTube. We are BC Assessment your trusted go-to source for property information, and we value BC.

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Mortgage Advice to Help You Through a Separation

By Matthew Chan • February 19, 2025

With the latest stats claiming that about half of marriages end in divorce and with around three-quarters of Canadians being homeowners, it’s important to know how to handle your mortgage if you decide to separate. Here’s a quick list of things to consider. Keep making your payments. A mortgage is a legally binding contract between you and the lender. It doesn’t take marriage into account. If your name appears on the mortgage, you're responsible for making sure the regular payments are made. A marital breakdown does not give you an excuse not to make your mortgage payments. If, during your marriage, you've relied on your spouse to make the mortgage payments and you aren’t certain payments are being made after separating, it's in your best interest to contact the lender directly to verify your mortgage is being paid. If payments aren't being made, it could affect your credit score or worse; the lender could start foreclosure proceedings. There is always a financial cost to break your mortgage. When working through how to split your finances, you decided to either refinance your mortgage, remove someone from the title, or sell the property, keep in mind that you will incur legal costs. If you’re in the middle of a term, the penalty for breaking your mortgage might be significant, especially if you have a fixed-rate mortgage. It’s certainly worth contacting your mortgage lender directly to verify the cost of breaking your mortgage. Having that information accessible when writing out your separation agreement will provide increased clarity. Listing your marital status as separated or divorced. When completing a mortgage application for securing new mortgage financing, when you list your marital status as separated or divorced, you can expect that a lender will want to see your legal separation agreement or your divorce papers. The lender wants to make sure you aren’t responsible for support payments. So if you haven’t finalized the paperwork, expect delays in securing mortgage financing. It could be harder to qualify for a new mortgage. With the separation of assets also comes the separation of incomes. If you qualified for your existing mortgage on a double income, you might find it hard to maintain the same quality of lifestyle post-separation. This is where careful planning comes in. Working closely with your independent mortgage professional will ensure you understand exactly where you stand. You’ll want to put together a plan for how to handle the mortgage on the matrimonial home. Purchasing the matrimonial home from your ex. There are special considerations given to people going through a separation to buy out the matrimonial home. Instead of looking at the transaction like a refinance where you can only borrow up to 80% of the property’s value, lenders will consider one spouse buying out the other up to a 95% loan to value ratio. This comes in handy when dividing assets and liabilities. Navigating the ins and outs of mortgage financing isn’t something you have to do alone. If you're going through a separation and you’d like to discuss all your mortgage options, please connect anytime. It would be a pleasure to walk you through the process.

What is a Second Mortgage?

By Matthew Chan • February 12, 2025

If you're not all that familiar with the ins and outs of mortgage financing, the term "second mortgage" might cause a bit of confusion. Many people incorrectly assume that a second mortgage is arranged when your first term is up for renewal or when you sell your first home. They think that the next mortgage you get is your "second mortgage." This is not the case. A second mortgage is an additional mortgage on a single property, not the second mortgage you get in your lifetime. When you borrow money to buy a house, your lawyer or notary will register your mortgage on the property title in what is called first position. This means that your mortgage lender has the first claim against the sale proceeds if you sell your property. If you happen to default on your mortgage, this is the security the lender has in repossessing your property. A second mortgage falls in behind the first mortgage on your property title. When you sell your property, the lawyers will use the sale proceeds to pay off your mortgages in sequence, the first position mortgage is paid out first, and the second mortgage is paid out second. After both mortgages are paid off completely, you get the remaining equity. When you secure a second mortgage, you continue making payments on your first mortgage as per your mortgage agreement. You must also then fulfill the terms of the second mortgage. So why would you want a second mortgage? Well, a second mortgage comes in handy when you're looking to access some of your home equity, but you either have excellent terms on your first mortgage that you don't want to break, or you’d incur a huge penalty to break your first mortgage. Instead of refinancing the first mortgage, a second mortgage can be a better option. A second mortgage is often used as a short-term debt consolidation tool to help provide you with better cash flow. If you’ve accumulated a considerable amount of high-interest unsecured debt, and you have equity in your home, you can secure a second mortgage to lower your overall cost of borrowing. If you'd like to know more about how a second mortgage works, or if you'd like to discuss anything related to mortgage financing, please connect anytime!

Unsure About the Housing Market? Let's Talk.

By Matthew Chan • February 5, 2025

If you’ve been thinking about buying a property, whether that be your first home, next home, forever home, or a home to retire into, the current state of the Canadian economy might have you wondering: Is this really the right time to make a move? There is certainly no shortage of doom and gloom in the news out there. The truth is, that’s a tough question to answer in the best of times. It’s nearly impossible to know for sure what’s going to happen next with the housing market in Canada. It could heat up or it could cool down. So here’s some advice. Instead of basing your buying decision entirely on external market factors, like the economy or housing market, consider looking for the answers internally. When you stop looking at the market to determine your timing to buy a home, and instead examine the personal reasons you have for wanting to buy a home, the picture can become much clearer. Here are some questions to consider. Although they are subjective, they will help bring you clarity. Ask yourself: Does buying a property now put me in a better financial position? Do I make enough money now to afford a new home and maintain my lifestyle? Do I feel confident with my current employment status? Have I saved enough money for a down payment? How long do I plan on living in this new home? Is there any scenario where I might have to sell quickly and potentially lose money? Does buying a property now move me closer to my life goals? Do I really want to buy now or am I just feeling a lot of pressure to just buy something? Am I holding back because I'm scared property prices might drop soon? There’s no doubt that buying a home can be stressful, but it doesn’t have to be. Having a plan in place is the best course of action to help you make good decisions and alleviate that stress. If you’d like to have a conversation to discuss your plans, ask some questions, and map out what buying a home looks like for you, we can address many of the unknowns together. The best place to start is to work through a mortgage pre-approval. There is no cost for this service, you’ll learn exactly what you can qualify for, and it will provide a lot of clarity about your situation. You might decide that it’s best to wait before buying, and that’s just fine. You might find that now’s a perfect time for you to buy! If you'd like to talk, please connect anytime. You’re not in this alone. We can work through everything together.