Each property owner in the province should expect their own 2018 assessment notices in the mail over the coming days.
"This year, we have seen a strong demand in our residential strata market and this has resulted in a larger increase compared to the residential single-family detached homes".
The summary above provides estimates of average 2017 versus 2018 assessed values of residential homes throughout the Okanagan region. This is the third-largest increase in the Greater Victoria area, behind Langford and Metchosin, where the average home price jumped 21 and 25 per cent, respectively. There have been some suggestions that the property value boom in Metro Vancouver has created a spillover effect into smaller, more affordable communities - and the new figures show there might be some merit to that. The average change in property values for each municipality can be found on BC Assessment's website.
But despite property owner concerns, increases in property value don't always mean a sharp increase when the tax bill comes out, Schwagele said.
Sales of single-family homes, which "pretty well doubled" in the past four or five years are beyond what most people can afford, said Sidhu, which has driven buyers to the condo market.
According to BC Assessment stats, a typical $217,000 condo in north Surrey could see its value increase by 40 per cent this year.
A 1908 heritage house in the Grand Boulevard area went up two per cent in the past year, for instance, to about $1.6 million.
The Okanagan's total assessment value increased from $98 billion in July of 2016 to $119 billion in July of 2017.
CHP Arrests 30 for DUI Around Riverside over Weekend
CHP conducts maximum enforcement periods to crack down on unsafe and illegal driving during times of high traffic. In 2016, there were more than 180 DUI arrests in the area, and so far this year, they are at 123 DUI arrests.
According to the figures released by BC Assessment, townhouses in Delta are up in the neighbourhood of 12 per cent over previous year, while many condos have increased in value by close to 20 per cent.
"It can end up being very time-consuming and a costly experience if you don't do your homework in advance", said Sullivan, adding that he doesn't see many people win cases.
In northern B.C. the biggest swings in residential property values were in Granisle, which saw a 44.9 per cent increase in the average value of single family homes (from $42,000 to $61,000) and Kitimat, which saw the average value of a single-family house fall 16.2 per cent from $278,000 to $233,000. Between one and two per cent of people file an appeal with B.C. Assessment every year (the deadline is January 31), but property tax agent Paul Sullivan said people shouldn't file one without doing careful research ahead of time.
In the City of Prince George, BC Assessment calculated a 5.42 per cent value increase in residential properties, 2.49 per cent increase in light industrial properties and a 3.59 per cent increase in business and other properties between the 2017 and 2018 assessments.
The day after the assessments were released, the provincial government raised the homeowner grant to $1.65 million from $1.6 million.
This year, changes in assessment values for Delta's different communities vary, but remain in the single digits.
Some B.C. homeowners may be surprised when they open their property assessment this year. This common valuation date ensures there is an equitable property assessment base for property taxation.