Lower Mainland 2025 Property Assessments Announced
VANCOUVER, BC, Jan. 2, 2025 /CNW/ - The 2025 property assessments, which reflect market value as of July 1, 2024, have been announced for property owners of more than 1,120,000 properties throughout the Lower Mainland. The updated property values are now available at bcassessment.ca in addition to 2025 Property Assessment Notices being mailed to each property owner.
"Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value for a second consecutive year," says BC Assessment Assessor Bryan Murao. "Most homeowners can expect only modest assessment changes in the range of -5% to +5%."
As B.C.'s provider of property assessment information, BC Assessment collects, monitors and analyzes property data throughout the year. The newly released 2025 property assessment details can be searched and accessed any time at bcassessment.ca by using BC Assessment's Find your property assessment online service.
For the Lower Mainland region, the overall total assessments have generally remained flat from about $2 trillion in 2024 to $2.01 trillion this year. Almost $27 billion of the region's updated assessments is from new construction, subdivisions and the rezoning of properties. The Lower Mainland region includes all of Greater Vancouver, the Fraser Valley as well as the Sea to Sky area and the Sunshine Coast.
The summaries below provide estimates of typical 2024 versus 2025 assessed value changes of residential properties for each community throughout the region.
These examples demonstrate market trends for single-family residential properties by geographic area:*
Single Family Homes Changes by Community
|
2024 Typical Assessed Value as of July 1, 2023 |
2025 Typical Assessed as of July 1, 2024 |
% Change
|
City of Vancouver |
$2,209,000 |
$2,206,000 |
0 % |
University Endowment Lands |
$5,560,000 |
$5,535,000 |
0 % |
City of Burnaby |
$1,973,000 |
$2,044,000 |
+4 % |
City of Coquitlam |
$1,722,000 |
$1,738,000 |
+1 % |
City of Port Coquitlam |
$1,391,000 |
$1,416,000 |
+2 % |
City of Port Moody |
$1,824,000 |
$1,851,000 |
+1 % |
City of New Westminster |
$1,567,000 |
$1,590,000 |
+1 % |
District of North Vancouver |
$2,087,000 |
$2,124,000 |
+2 % |
City of North Vancouver |
$1,988,000 |
$1,990,000 |
0 % |
District of West Vancouver |
$3,052,000 |
$3,052,000 |
0 % |
District of Squamish |
$1,475,000 |
$1,483,000 |
+1 % |
Resort Municipality of Whistler |
$2,842,000 |
$2,821,000 |
-1 % |
Village of Pemberton |
$1,340,000 |
$1,390,000 |
+4 % |
Bowen Island Municipality |
$1,367,000 |
$1,374,000 |
0 % |
Village of Lions Bay |
$2,025,000 |
$2,023,000 |
0 % |
Village of Belcarra |
$2,045,000 |
$2,074,000 |
+1 % |
Village of Anmore |
$2,544,000 |
$2,575,000 |
+1 % |
Town of Gibsons |
$940,000 |
$963,000 |
+2 % |
District of Sechelt |
$884,000 |
$885,000 |
0 % |
City of Surrey |
$1,608,000 |
$1,563,000 |
-3 % |
City of White Rock |
$1,725,000 |
$1,732,000 |
0 % |
City of Richmond |
$1,874,000 |
$1,890,000 |
+1 % |
City of Delta |
$1,406,000 |
$1,410,000 |
0 % |
Township of Langley |
$1,446,000 |
$1,449,000 |
0 % |
City of Langley |
$1,308,000 |
$1,310,000 |
0 % |
City of Abbotsford |
$1,139,000 |
$1,144,000 |
0 % |
City of Chilliwack |
$890,000 |
$907,000 |
+2 % |
City of Maple Ridge |
$1,226,000 |
$1,223,000 |
0 % |
City of Pitt Meadows |
$1,305,000 |
$1,285,000 |
-2 % |
City of Mission |
$1,035,000 |
$1,038,000 |
0 % |
District of Kent |
$774,000 |
$778,000 |
+1 % |
District of Hope |
$611,000 |
$628,000 |
+3 % |
Village of Harrison Hot Springs |
$851,000 |
$855,000 |
0 % |
*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 Changes by Community
|
2024 Typical Assessed Value as of July 1, 2023 |
2025 Typical Assessed as of July 1, 2024 |
% Change
|
City of Vancouver |
$806,000 |
$798,000 |
-1 % |
City of Burnaby |
$731,000 |
$732,000 |
0 % |
City of Coquitlam |
$720,000 |
$727,000 |
+1 % |
City of Port Coquitlam |
$669,000 |
$680,000 |
+2 % |
City of Port Moody |
$826,000 |
$841,000 |
+2 % |
City of New Westminster |
$645,000 |
$644,000 |
0 % |
City of North Vancouver |
$836,000 |
$839,000 |
0 % |
District of North Vancouver |
$930,000 |
$940,000 |
+1 % |
District of West Vancouver |
$1,397,000 |
$1,388,000 |
-1 % |
District of Squamish |
$829,000 |
$833,000 |
+1 % |
Resort Municipality of Whistler |
$1,349,000 |
$1,344,000 |
0 % |
City of Surrey |
$710,000 |
$696,000 |
-2 % |
City of White Rock |
$636,000 |
$645,000 |
+1 % |
City of Richmond |
$780,000 |
$784,000 |
+1 % |
City of Delta |
$747,000 |
$759,000 |
+2 % |
Township of Langley |
$776,000 |
$764,000 |
-2 % |
City of Langley |
$546,000 |
$547,000 |
0 % |
City of Abbotsford |
$478,000 |
$487,000 |
+2 % |
City of Maple Ridge |
$658,000 |
$655,000 |
0 % |
*All data calculated based on median values. |
|||
BC Assessment's website at bcassessment.ca includes more details about 2025 assessments, property information and trends such as lists of 2025's top valued residential properties across the province and an interactive map.
The website also provides self-service access to a free, online property assessment search service that allows anyone to search, check and compare 2025 property assessments for anywhere in the province. Property owners can unlock additional property search features by registering for a free BC Assessment account to check a property's 10-year value history, store/access favourites, create comparisons, and monitor neighbourhood sales.
"Property owners can find valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2024 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," says Murao.
"If a property owner is still concerned about their assessment after speaking to one of our appraisers, they may submit a Notice of Complaint (Appeal) by January 31st, for an independent review by a Property Assessment Review Panel," adds Murao.
The Property Assessment Review Panels, independent of BC Assessment, are appointed annually by the provincial government, and typically meet between February 1 and March 15 to hear formal complaints.
"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 is what may affect your property taxes."
Have questions?
Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online at bcassessment.ca. During the month of January, hours of operation are 8:30 a.m. to 5:00 p.m., Monday to Friday.
MEDIA BACKGROUNDER
January 2, 2025
Facts on B.C. Property Assessments
- Total number of British Columbia properties assessed in 2025 is 2,207,009, an almost one percent increase from 2024.
- Total value of British Columbia real estate in 2025 is about $2.83 trillion, an increase of about 1.5 percent from 2024.
- Total amount of British Columbia non-market change for 2025, including new construction, rezonings and subdivisions is approximately $38.3 billion, a decrease of over 3 percent from 2024's $39.6 billion.
- In B.C., approximately 88.5 percent of all properties are classified with some residential (Class 1) component.
- Over 98 percent of property owners typically accept their property assessment without proceeding to a formal, independent review of their assessment.
- Assessments are the estimate of a property's market value as of July 1, 2024 and physical condition as of October 31, 2024. This common valuation date ensures there is an equitable property assessment base for property taxation.
- Changes in property assessments reflect movement in the local real estate market and can vary greatly from property to property. When estimating a property's market value, BC Assessment's professional appraisers analyze current sales in the area, as well as considering other characteristics such as size, age, quality, condition, view and location.
- Real estate sales determine a property's value which is reported annually by BC Assessment. Local governments and other taxing authorities are responsible for property taxation and, after determining their own budget needs this spring, will calculate property tax rates based on the assessment roll for their jurisdiction.
- Our property assessments provide the foundation for local and provincial taxing authorities to raise over $10 billion in property taxes each year. This revenue funds the many community services provided by local governments around the province as well as the K-12 education system.
- BC Assessment's website provides a listing of property assessments and sales to help property owners understand their property's market value and provide comparable sales information. Go to bcassessment.ca and try our Assessment Search tool.
- For more information on property assessments, real estate market trends, and lists of the province's top valued residential properties, please visit bcassessment.ca and click on the Property Information & Trends link.
SOURCE BC Assessment
Media contact: Tim Morrison, BC Assessment Senior Communications Advisor, Email: [email protected]
Share this article