Your 2021 BC Assessment - Let's Help You Learn More

 

Let's help you understand your 

BC Assessment notice and the new 

Home Owner Grant application process

Most tech-savvy homeowners across BC have likely looked up their property’s assessed value on the BC Assessment site by now, instead of waiting for their notice to arrive in the mail.

This is a great time for Realtors to be available to clients in case they have questions or concerns about the information they received.

“Despite COVID-19, the Lower Mainland residential real estate market has been resilient,” says BC Assessment Deputy Assessor Bryan Murao. “For the most part, homeowners can expect relatively moderate increases in value. This incredible strength is a stark contrast to last spring when the market came to a temporary standstill whereas the remainder of the year had a very steady and rapid recovery.”

No doubt some people are unsure about how to react to the general increase in assessed property values as of July 1, 2020. For the most part, they may be feeling a sense of relief that their home either held its value from the previous year or increased in value even during a global pandemic. Some may even be thinking, “Hey, it’s a great time to sell!”

Understandably, others may be anxious about whether their property taxes will be going up as a result and wondering whether they will be able to afford to cover an increase.

Owners of single family detached homes across our Board area saw their assessed values increase anywhere from four to eight per cent. Condo owners in our region in general saw a rise in value of one to four per cent except in White Rock, where assessed values decreased by two per cent.

As you know, property tax bills have more to do with each individual municipality’s budget rather than how much a home’s value has gone up or down, but your client may not be aware of that.

For example, the City of Surrey’s move before the holidays to approve a property tax increase of 2.9 per cent for residents and businesses and increase the annual flat rate parcel tax of $100 to $300, will likely increase Surrey property tax bills. Surrey property owners are charged the flat rate parcel tax on top of their regular property tax.

Here are some BC Assessment resources that can help you:

• Search for specific property assessment information.
• Video on how BC Assessment assesses property values.
• Media release for the Lower Mainland region.
• Interactive maps on market movement for different property classes, market trends and the top 500 valued residential properties.
• Frequently Asked Questions (includes several videos you can share on social media) about assessments and complaints (appeals).

How to reach BC Assessment:

Due to concerns related to COVID-19, BC Assessment says their staff will not be offering in-person customer service at this time. However, they would be happy to help you or your clients over the phone or online during their regular office hours Monday to Friday from 8:30 am to 4:30 pm.

• Phone: 1-866-valueBC (1-866-825-8322)
• Online form: click here

The Home Owner Grant application process is changing in 2021:

Similar to past years, the provincial government’s Home Owner Grant program can help to reduce the amount of property tax British Columbians pay on their principal residence.

However, please note that starting this year the process to apply for the assistance will be different. The program details and eligibility requirements will not change.

What’s new for 2021:

Instead of applying through a municipality, this year residents will need to apply to the provincial government directly through a new online system the government says will be easy to use and will process applications faster.

The best time to apply:

The best time to apply will be after the property tax notice has arrived in the mail and before the property tax due date. No further details have been posted on the Home Owner Grant webpage at this time.

Source: FVREB Communications

Know someone moving ANYWHERE in the WORLD? 

Call us today--We know the BEST agents everywhere!!

Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD!

 

Office Phone: 604-743-7653

Fraser Valley Housing Market Statistics - December 2020

 

Record-shattering December  caps unexpected year in  Fraser Valley real estate SURREY, BC – In a year when the real estate market was at a standstill for  months due to COVID-19, total annual sales in the Fraser Valley still finished 12.4  per cent above the 10-year average due to unrelenting, pent-up consumer  demand during the second half of 2020. In December, the Board’s Multiple Listing Service® (MLS®) processed a  staggering 2,086 sales, the strongest December on record and 81.2 per cent  above normal for the month. New listings in December, were the second highest  on record at 1,502. By month’s end, active inventory finished below typical levels,  at 3,949 units. The total sales volume for the year in Fraser Valley was 19,926; an increase of  28.7 per cent compared to 2019’s 15,487 sales and placing it fourth highest for  annual sales since 2011. In 2020, sales of the three main residential property types were as follows: 8,176  single-family detached; 5,102 townhouses; and 4,357 apartments. Year-over-year,  sales of detached soared by 41.7 per cent compared to 2019; townhome sales  increased by 31.2 per cent and sales of apartments increased by 5.9 per cent.   Chris Shields, President of the Board, observes, “The pandemic upended   everything in 2020 and how the real estate market responded to it was nothing   short of  remarkable. No one could have anticipated a six-month stretch like we’ve just  experienced. Typical seasonal cycles did not apply, how we conduct business had  to change to keep the public safe; and most unexpected, has been the  unwavering demand for family-sized homes in our region and so far, there is no  sign of it slowing down.”   A total of 31,693 new listings were received by the Board’s MLS® in 2020, an   increase of 3.7 per cent compared to 2019. As with annual sales, 2020 was   also the fourth highest year for new inventory for the Board in the last decade.   Baldev Gill, Chief Executive Officer of the Board, adds, “Although listing volumes  appear healthy, our region’s current overall inventory is 28 per cent below normal.  For those who have been thinking of selling but have held off due to the pandemic,  the industry has mastered how to keep consumers safe using technology and  strictly following provincial health guidelines. Ask your REALTOR® if now is a  prudent time to list because the market currently is favouring sellers.”   MLS® HPI Benchmark Price Activity Single Family Detached: At $1,079,500, the Benchmark price for an FVREB single-family detached home increased 1.7 per cent compared to November 2020 and increased 13.3 per cent compared to December 2019. Townhomes: At $576,200, the Benchmark price for an FVREB townhome increased 1.1 per cent compared to November 2020 and increased 6.9 per cent compared to December 2019. Apartments: At $438,300, the Benchmark price for an FVREB apartment/condo increased 0.6 per cent compared to November 2020 and increased 4.7 per cent compared to December 2019. For the Full Listings Package, please click HERE Know someone moving ANYWHERE in the WORLD?  Call me today--I know the BEST agents everywhere!!   Serving Abbotsford, Chilliwack, Mission, Langley, Surrey and the WORLD! Office Phone: 604-743-7653 Everyday Real Estate Services visit: geldermna.ca Luxury Property Real Estate visit: fvluxuryhomes.com