British Columbia Chapter Update

We are off to another very busy year in BC, with most members in the middle of 2024-assessment reviews and in hearings at the Property Assessment Review Panel.

  • The BC Chapter hosted a successful Christmas cocktail reception at Altus Offices in late December.  The turn out was higher than the previous year and we will plan to continue with this event into the future.
  • In early February, the BC Chapter met to discuss and plan for a legal seminar for mid-year.  This is long overdue, with many interesting cases to review.  More information to follow.
  • The 2024 Assessment Roll (market value as of July 1, 2023) was published with some interesting facts obtained from BCA’s website:
    • Total number of British Columbia properties on the 2024 Roll is 2,184,692, a 1% increase from 2023.
    • Total value of all B.C. real estate on the 2024 Roll is over $2.79 trillion, an increase of 3% from 2023.
    • Total amount of ‘non-market change’, including new construction, rezoning and subdivisions is approximately $39.62 billion, an increase of over 18% from the 2023 Roll of $33.52 billion.
    • In B.C., approximately 88.5% of all properties are classified with some residential (Class 1) component.
    • The following link has an interactive map if you are interested in trends for certain areas:
    • In terms of specific changes here is a sample of various municipalities:
Percent Change Due to Market (July 1, 2022 to July 1, 2023)
JurisdictionResidentialSingle Family ResidentialStrata ResidentialLight IndustryBusiness and Other
234 – City of Victoria-0.7%-1.0%0.1%10.3%3.2%
221 – City of North Vancouver0.0%1.8%-1.2%1.8%-1.1%
316 – District of North Vancouver1.9%1.9%2.0%0.1%-1.1%
390 – Resort Mun of Whistler-0.8%-1.4%-0.3%-5.2%4.8%
200 – City of Vancouver1.0%3.0%-0.9%1.5%-7.4%
301 – City of Burnaby2.9%3.9%1.7%6.7%3.4%
305 – City of Coquitlam3.2%3.8%1.4%15.6%8.5%
320 – City of Richmond2.7%2.1%4.1%9.7%3.4%
326 – City of Surrey1.0%0.3%2.5%17.2%9.3%
216 – City of Langley-0.8%-2.2%-1.0%17.6%10.5%
303 – City of Chilliwack-4.8%-5.5%-4.3%8.8%6.4%
217 – City of Kelowna-2.8%-3.5%-1.5%21.2%14.9%
233 – City of Vernon1.4%1.4%0.0%14.0%9.6%
226 – City of Prince George-1.1%-1.5%-1.1%3.7%5.1%