Property assessments in Squamish for 2024 have dropped slightly, according to the latest property assessments released by BC Assessment. Homeowners in the Lower Mainland will soon start receiving their 2024 assessments, which reflect market value as of July 1, 2023.
District of Squamish saw a one percent dip in property assessments for single-family homes, with values sliding from $1,496,000 in 2022 to $1,475,000 in 2023. For condos and townhomes, the property assessment values in Squamish for 2024 show a decline of 2 percent, from $844,000 to $830,000.
Whistler properties assessment for single-detached homes has slumped by 2 percent, dipping from $2,902,000 in 2022 to $2,842,000 in 2023.
“Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value,” says BC Assessment Assessor Bryan Murao. “Most homeowners can expect only modest changes from -5% to +5%. These assessment changes are notably less than in previous years. Those who feel that their property assessment does not reflect market value as of July 1, 2023, or see incorrect information on their notice should contact BC Assessment as indicated on their notice as soon as possible in January.
Murao added that commercial and industrial properties generally increase in value more than residential properties, especially in areas such as the Fraser Valley, where properties are up in value due to limited industrial land.
If a property owner is still concerned about their assessment after speaking to appraisers, they can submit a Notice of Complaint (Appeal) by January 31 for an independent review by a Property Assessment Review Panel,” adds Murao.
”It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes,” explains Murao. “As noted on your Assessment Notice, how your assessment changes relative to the average change in your community may affect your property taxes.”
For the Lower Mainland region, the overall total assessments have increased from about $1.94 trillion in 2023 to nearly $2 trillion this year. Almost $27.2 billion of Lower Mainland’s assessments is from new construction, subdivisions and the rezoning of properties.
BC Assessment’s Lower Mainland region includes Greater Vancouver, the Fraser Valley, the Sea to Sky area, and the Sunshine Coast.
