The 2025 BC Property Assessments, which reflect market value as of July 1, 2024, were announced on Jan. 2. The Village of Pemberton saw the biggest increase in assessed property values among Lower Mainland communities, with single-family homes rising in value by four per cent, from $1,340,000 to $1,390,000.
The four-per-cent increase in value is tied with the City of Burnaby for the highest increase between 2023 and 2024—just edging out the District of Hope’s three-per-cent increase.
No home in the Village made the list of top 500 highest-valued homes. Whistler, meanwhile, had 59 out of the top 500.
The 2025 property assessments include information for more than 1,120,000 properties across the Lower Mainland. The total assessments for the Lower Mainland region have generally remained flat from about $2 trillion in 2024 to $2.01 trillion this year.
"Across the Lower Mainland and throughout B.C., the overall housing market has generally stabilized in value for a second consecutive year," said BC Assessment assessor Bryan Murao in a press release. "Most homeowners can expect only modest assessment changes in the range of -5% to +5%."
It’s a marked difference from 2023, when average assessments in Pemberton rose by 22 per cent.
Assessments and property taxes
"It is important to understand that changes in property assessments do not automatically translate into a corresponding change in property taxes," the release said. "As noted on your assessment notice, how your assessment changes relative to the average change in your community is what may affect your property taxes."
The assessment further breaks down changes in property value by property class. Pemberton single-family residential homes saw a three-per-cent rise, strata residential value decreased by 1.5 per cent, and businesses increased by 1.7 per cent
If a property's value change is lower than the average change for type of property, property taxes are more likely to decrease. Higher than average changes for property can lead to a property tax increase. A similar shift in property and property type means taxes likely do not change.
Appealing an assessment
"Property owners can find valuable information on our website including answers to many assessment-related questions, but those who feel that their property assessment does not reflect market value as of July 1, 2024 or see incorrect information on their notice, should contact BC Assessment as indicated on their notice as soon as possible in January," Murao added in the release.
If speaking with an appraiser doesn't address owners' concerns, they can appeal by submitting a notice of complaint by Jan. 31 for an independent review by the Property Assessment Review Panel.
The panels, independent of BC Assessment, are appointed annually by the provincial government and typically meet between Feb. 1 and March 15 to hear formal complaints.
You can look up your property's updated value on BC Assessment. Property owners can contact BC Assessment toll-free at 1-866-valueBC (1-866-825-8322) or online.
