Tri-City homeowners can now easily check how their property values shifted over the past year, thanks to the newly released assessments as of July 1, 2024. These assessments are vital for determining property taxes for the upcoming year and can be accessed through the BC Assessment website by entering a residential address. In addition, homeowners will receive notification letters in the mail shortly.

Across the Lower Mainland, homeowners will encounter modest fluctuations in property values, ranging from a decrease of 5% to an increase of 5%. However, Port Coquitlam stands out as the star performer in the Tri-Cities, boasting the most significant increase in property values. Here’s a breakdown of the valuation changes from 2024 to 2025, based on the local real estate market trends and property enhancements:

Single-Family Homes:

- Coquitlam: $1,722,000 to $1,738,000 (up 1%)

- Port Coquitlam: $1,391,000 to $1,416,000 (up 2%)

- Port Moody: $1,824,000 to $1,851,000 (up 1%)

- Anmore: $2,544,000 to $2,575,000 (up 1%)

- Belcarra: $2,045,000 to $2,074,000 (up 1%)

Condos and Townhouses:

- Coquitlam: $720,000 to $727,000 (up 1%)

- Port Coquitlam: $669,000 to $680,000 (up 2%)

- Port Moody: $826,000 to $841,000 (up 2%)

Bryan Murao, an assessor with BC Assessment, emphasized that homeowners who disagree with their property's assessed value or suspect inaccuracies have the opportunity to communicate with a BC Assessment appraiser. Should they remain dissatisfied, they can appeal the case by January 31, 2025, for an independent review by a property assessment panel, which will hear appeals between February 1 and March 15.

“It’s crucial to realize that changes in property assessments don’t automatically result in equivalent changes in property taxes,” Murao explained in a recent news release. "The key factor is how your assessment change compares to the average change in your community, which can impact your property taxes."

In 2025, the forecasted increases in property tax and utility rates are 6.83% for Coquitlam and 6.2% for Port Moody. Meanwhile, Port Coquitlam plans a more conservative boost of 4.3% in property taxes.

As interest in the Tri-Cities continues to grow, particularly in Port Coquitlam, homeowners are keen to leverage these rising property values, which could spell good news for current and prospective real estate investors alike.

For those curious about the future of property values and the competitive landscape of the real estate market, stay tuned for more updates as we continue to follow the trends!