The Real Estate Board of Greater Vancouver says home sales activity in the area for the month of October remain below long-term historical averages. A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward

The Real Estate Board of Greater Vancouver says home sales activity in the area for the month of October remain below long-term historical averages. A real estate sign is pictured in Vancouver, B.C., Tuesday, June, 12, 2018. THE CANADIAN PRESS Jonathan Hayward

B.C. property assessments continue to rise rural communities show highest increases

VICTORIA — Assessed values of properties in British Columbia are up again, but the pricey Vancouver area has been upstaged by small towns where value estimates rose by more than 40 per cent.

Data posted on the BC Assessment website shows market value as of July 1, 2021, increased over 40 per cent in the communities of Hope, Port Alberni, Lake Cowichan and other rural areas, while Vancouver was up seven per cent.

Bryan Murao, BC Assessment’s deputy assessor, says the provincial real estate market remains resilient and homeowners provincewide can expect higher assessment values for 2022.

But he says large increases in assessments do not mean corresponding property tax increases.

Murao says some people are leaving urban areas looking for cheaper real estate or retirement options, resulting in assessed increases of 40 to 50 per cent in some parts of small-town B.C.

BC Assessment says the total value of real estate in B.C. is about $2.44 trillion, an increase of nearly 22 per cent from 2021.