Property assessments totalling trillions of dollars are in the mail – and despite B.C.'s real estate market dragging in recent months, homeowners are likely to see values rise.
Two years ago a waterfront property on King George Terrace near downtown Victoria would have started a bidding war, according to realtor Holly Lee. She said that's when there were fewer listings.
Lee says buyers like certainty, and interest rates have led to some unknowns. Still, she says that's not a bad thing.
"We are in more of a balanced market right now, so things are taking a little bit longer to sell," she told CTV News.
Much of that is due to interest rate hikes meant to combat runaway inflation. BC Assessment acknowledges that is having an impact on the market.
"We know that the market has, you know, it's fallen a bit from the peak last spring," said Bryan Murao, assessor for the Lower Mainland.
Home valuations, which are being mailed out by BC Assessment this week, won't reflect the softening market. They are based on an assessment date of July 1, 2022.
According to Murao, the analysis shows most Metro Vancouver house and condo owners will see a nine per cent rise. In the Fraser Valley, houses increased about 10 per cent, condos and townhomes15 per cent.
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