BC Property Assessment by Region [Video]

Luisa Hough • 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.

Recent Posts

Paying Off Your Mortgage As Quickly As Possible

By Luisa & Candice Mortgages • September 24, 2025
Being a home owner is excellent, having a huge mortgage isn’t. So, if you have a mortgage that you’re looking to get rid of as quickly as possible, here are four things you should consider doing. Accelerate your payments Making the change from monthly payments to accelerated bi-weekly payments is one of the easiest ways you can make a difference to the bottom line of your mortgage. Most people don’t even notice the difference or increased payment. A traditional mortgage with monthly payments splits the amount owing annually into 12 equal payments. Accelerated biweekly is simply taking a regular monthly payment and dividing it in two, but instead of making 24 payments, you make 26. The extra two payments accelerate the paying down of your mortgage. Increase your regular mortgage payments Chances are, depending on the terms of your existing mortgage, you can increase your regular mortgage payment by 10-25%. Alternatively, some lenders even offer the ability to double-up your mortgage payments. These are great options as any additional payments will be applied directly to the principal amount owing on your mortgage instead of a prepayment of interest. Make a lump-sum payment Depending on your lender and your mortgage product, you should be able to put down anywhere from 10-25% of the original mortgage balance in a bulk payment. Some lenders are particular about when you can make these payments; however, you should be eligible if you haven’t taken advantage of a lump sum payment yet this year. Making a lump-sum payment is a great option if you’ve come into some money and you’d like to apply it to your mortgage. As this will lower your principal amount owing on the mortgage, it will reduce the amount of interest charged over the life of the mortgage. Review your options regularly As your mortgage payments debit from your bank account directly, it’s easy to put your mortgage on auto-pilot and not think twice about it until your term is up for renewal. Unfortunately, this removes you from the driver's seat and doesn’t allow you to make informed decisions about your mortgage or keep up to date with market conditions. So let’s talk about an annual mortgage review. Working through an annual mortgage review with an independent mortgage professional is beneficial as there may be opportunities to refinance your mortgage and lower your overall cost of borrowing. By reviewing your mortgage at least once a year, you can be sure that you’ve always got the best mortgage for you! There is no cost involved here, just a quick assessment and peace of mind. If you’ve got questions about your existing mortgage or want to compare your mortgage to options available today, please connect anytime. It would be a pleasure to work with you.

Bank of Canada Rate Announcement Sept 17th, 2025

By Luisa & Candice Mortgages • September 17, 2025
Bank of Canada lowers policy rate to 2½%.  FOR IMMEDIATE RELEASE Media Relations Ottawa, Ontario September 17, 2025 The Bank of Canada today reduced its target for the overnight rate by 25 basis points to 2.5%, with the Bank Rate at 2.75% and the deposit rate at 2.45%. After remaining resilient to sharply higher US tariffs and ongoing uncertainty, global economic growth is showing signs of slowing. In the United States, business investment has been strong but consumers are cautious and employment gains have slowed. US inflation has picked up in recent months as businesses appear to be passing on some tariff costs to consumer prices. Growth in the euro area has moderated as US tariffs affect trade. China’s economy held up in the first half of the year but growth appears to be softening as investment weakens. Global oil prices are close to their levels assumed in the July Monetary Policy Report (MPR). Financial conditions have eased further, with higher equity prices and lower bond yields. Canada’s exchange rate has been stable relative to the US dollar. Canada’s GDP declined by about 1½% in the second quarter, as expected, with tariffs and trade uncertainty weighing heavily on economic activity. Exports fell by 27% in the second quarter, a sharp reversal from first-quarter gains when companies were rushing orders to get ahead of tariffs. Business investment also declined in the second quarter. Consumption and housing activity both grew at a healthy pace. In the months ahead, slow population growth and the weakness in the labour market will likely weigh on household spending. Employment has declined in the past two months since the Bank’s July MPR was published. Job losses have largely been concentrated in trade-sensitive sectors, while employment growth in the rest of the economy has slowed, reflecting weak hiring intentions. The unemployment rate has moved up since March, hitting 7.1% in August, and wage growth has continued to ease. CPI inflation was 1.9% in August, the same as at the time of the July MPR. Excluding taxes, inflation was 2.4%. Preferred measures of core inflation have been around 3% in recent months, but on a monthly basis the upward momentum seen earlier this year has dissipated. A broader range of indicators, including alternative measures of core inflation and the distribution of price changes across CPI components, continue to suggest underlying inflation is running around 2½%. The federal government’s recent decision to remove most retaliatory tariffs on imported goods from the US will mean less upward pressure on the prices of these goods going forward. With a weaker economy and less upside risk to inflation, Governing Council judged that a reduction in the policy rate was appropriate to better balance the risks. Looking ahead, the disruptive effects of shifts in trade will continue to add costs even as they weigh on economic activity. Governing Council is proceeding carefully, with particular attention to the risks and uncertainties. Governing Council will be assessing how exports evolve in the face of US tariffs and changing trade relationships; how much this spills over into business investment, employment, and household spending; how the cost effects of trade disruptions and reconfigured supply chains are passed on to consumer prices; and how inflation expectations evolve. The Bank is focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. We will support economic growth while ensuring inflation remains well controlled. Information note The next scheduled date for announcing the overnight rate target is October 29, 2025. The Bank’s October Monetary Policy Report will be released at the same time.

Fixed vs. Variable Mortgage Rates in Canada

By Luisa & Candice Mortgages • September 10, 2025
Fixed vs. Variable Rate Mortgages: Which One Fits Your Life? Whether you’re buying your first home, refinancing your current mortgage, or approaching renewal, one big decision stands in your way: fixed or variable rate? It’s a question many homeowners wrestle with—and the right answer depends on your goals, lifestyle, and risk tolerance. Let’s break down the key differences so you can move forward with confidence. Fixed Rate: Stability & Predictability A fixed-rate mortgage offers one major advantage: peace of mind . Your interest rate stays the same for the entire term—usually five years—regardless of what happens in the broader economy. Pros: Your monthly payment never changes during the term. Ideal if you value budgeting certainty. Shields you from rate increases. Cons: Fixed rates are usually higher than variable rates at the outset. Penalties for breaking your mortgage early can be steep , thanks to something called the Interest Rate Differential (IRD) —a complex and often costly formula used by lenders. In fact, IRD penalties have been known to reach up to 4.5% of your mortgage balance in some cases. That’s a lot to pay if you need to move, refinance, or restructure your mortgage before the end of your term. Variable Rate: Flexibility & Potential Savings With a variable-rate mortgage , your interest rate moves with the market—specifically, it adjusts based on changes to the lender’s prime rate. For example, if your mortgage is set at Prime minus 0.50% and prime is 6.00% , your rate would be 5.50% . If prime increases or decreases, your mortgage rate will change too. Pros: Typically starts out lower than a fixed rate. Penalties are simpler and smaller —usually just three months’ interest (often 2–2.5 mortgage payments). Historically, many Canadians have paid less overall interest with a variable mortgage. Cons: Your payment could increase if rates rise. Not ideal if rate fluctuations keep you up at night. The Penalty Factor: Why It Matters More Than You Think One of the biggest surprises for homeowners is the cost of breaking a mortgage early —something nearly 6 out of 10 Canadians do before their term ends. Fixed Rate = Unpredictable, potentially high penalty (IRD) Variable Rate = Predictable, usually lower penalty (3 months’ interest) Even if you don’t plan to break your mortgage, life happens—career changes, family needs, or new opportunities could shift your path. So, Which One is Best? There’s no one-size-fits-all answer. A fixed rate might be perfect for someone who wants stable budgeting and plans to stay put for years. A variable rate might work better for someone who’s financially flexible and open to market changes—or who may need to exit their mortgage early. Ultimately, the best mortgage is the one that fits your goals and your reality —not just what the bank recommends. Let's Find the Right Fit Choosing between fixed and variable isn’t just about numbers—it’s about understanding your needs, your future plans, and how much financial flexibility you want. Let’s sit down and walk through your options together. I’ll help you make an informed, confident choice—no guesswork required.

Luisa & Candice Mortgages 

Contact Me Anytime!

The best way to get ahold of me is to submit through the contact form below. However feel free to give me a shout on the phone as well.

Contact Us