Tri-Cities Luxury Home Market SeesSurge in 2025

Tri-Cities Home Values Show Steady Growth in 2025 Assessments

Homeowners in the tri-Cities region can now view their updated 2025 property assessments online. Thes assessments, released on July 1st, 2024, by BC Assessment, will determine property taxes for the coming year. Mailed notices with assessment details are also being sent to residents.

Across the Lower Mainland, property values showed modest fluctuations, generally staying within a -5 to +5 percent range compared to the previous year. In the Tri-Cities, Port Coquitlam saw the most significant growth in property values.

Single-Family Homes See Modest increases

Single-family homes in the Tri-Cities experienced slight increases in assessed value. Here’s a breakdown:

• 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%)

Condo and Townhouse Values Remain Steady

The condo and townhouse market also showed stability, with values reflecting slight increases:

• 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%)

understanding the Relationship between Assessments and Taxes

BC Assessment assessor Bryan Murao clarifies that “changes in property assessments do not automatically translate into a corresponding change in property taxes.” He explains that the difference between your assessment change and the average change in your community is what ultimately impacts your property taxes.

Homeowners who disagree with their assessment or believe there are inaccuracies should contact a BC Assessment appraiser. If they remain unsatisfied, they have until January 31, 2025, to appeal the decision. An autonomous Property Assessment Review Panel will then conduct an independent review, with formal complaint hearings scheduled between February 1 and March 15.

Tri-cities Luxury Market Thrives

The 2025 property assessments highlight the continued strength of the tri-Cities luxury real estate market. Several properties in Belcarra, known for its breathtaking waterfront views and expansive estates, are among the Tri-Cities’ most valuable homes. Some of the top contenders include:

• 277 Turtlehead Rd., Belcarra
• 185 Turtlehead Rd., Belcarra
• 2300 Sunnyside Rd., Anmore
• 4593 Belcarra Bay Rd.,Belcarra
• 1080 Uplands Dr., Anmore

Anmore also boasts a number of high-value properties, further illustrating the allure of the Tri-Cities’ luxury real estate market.

Luxury Homes Drive Tri-Cities Real Estate Market

The Tri-Cities region continues to be a hot spot for luxury real estate, with 2025 assessments revealing a thriving market. Properties like the residences at 4841 Belcarra Bay Rd., 220 Turtlehead Rd., and 3053 Anmore creek Way exemplify the area’s appeal to high-end buyers.

Growing Desirability

The region’s popularity stems from its blend of stunning natural beauty, vibrant communities, and a strong economy. This attractive combination continues to draw in those seeking a high quality of life. While specific assessment values aren’t being disclosed to respect privacy, the demand for luxury properties in the Tri-Cities is undeniable.

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What are the key takeaways from the 2025 Tri-Cities property assessments?

Interview with Real Estate Expert, Sarah Thompson, on Tri-Cities Property Assessments in 2025

Archyde News Editor: Good afternoon, Sarah, and thank you for joining us today. As a seasoned real estate analyst with over 15 years of experience in the Lower Mainland market,you’ve seen your fair share of property assessment cycles. The 2025 assessments for the tri-Cities region have just been released, showing steady growth across the board. What are your initial thoughts on these findings?

Sarah Thompson: Thank you for having me. The 2025 assessments reflect a continuation of the trends we’ve observed over the past few years in the Tri-Cities. The region has consistently demonstrated resilience, even during periods of economic uncertainty. The modest increases in property values—ranging from 1% to 2% for single-family homes and condos—indicate a stable and balanced market. Port Coquitlam, in particular, stands out with a 2% increase, which is a testament to its growing appeal among buyers.

Archyde News Editor: Speaking of Port Coquitlam, why do you think it’s outperforming other areas in the Tri-Cities?

Sarah Thompson: Port Coquitlam has been a hidden gem for some time now. It offers a unique combination of affordability, accessibility, and community amenities. Compared to Coquitlam and Port Moody, Port Coquitlam’s property values are relatively lower, making it an attractive option for first-time buyers and families looking to upgrade. Additionally, infrastructure improvements, such as the expansion of transit options and new recreational facilities, have enhanced its desirability.

Archyde News Editor: The luxury market in the Tri-Cities, particularly in Belcarra and Anmore, continues to thrive. What’s driving this segment of the market?

Sarah Thompson: The luxury market in Belcarra and Anmore is fueled by a combination of natural beauty and exclusivity.These areas offer some of the most stunning waterfront properties in the Lower Mainland, with expansive estates and unparalleled views. High-net-worth individuals are drawn to these communities for their privacy and prestige. The 2025 assessments highlight this trend, with several properties in Belcarra and Anmore ranking among the most valuable in the region.

Archyde News Editor: Bryan Murao from BC Assessment mentioned that changes in property assessments don’t directly correlate with property tax changes. Can you explain this relationship further?

Sarah Thompson: Absolutely. Property assessments are based on market value as of July 1 of the previous year, and they serve as the foundation for calculating property taxes. Though, your tax bill depends on how your property’s assessment change compares to the average change in your municipality. If your property’s value increases more than the average, you might see a higher tax bill. Conversely, if it increases less than the average, your taxes could decrease. It’s a nuanced system, and homeowners should focus on their property’s relative change rather than the absolute number.

Archyde News Editor: For homeowners who are unhappy with their assessments, what advice would you give?

Sarah Thompson: First, I’d recommend reviewing the assessment notice carefully and comparing it to recent sales of similar properties in your area. If you believe there’s an error, contact BC Assessment to discuss your concerns. They’re usually vrey responsive and can provide clarity on how your assessment was determined. If you’re still unsatisfied, you have the option to file an appeal by January 31, 2025. However, I’d caution homeowners to approach appeals thoughtfully—ensure you have solid evidence to support your case, as the process can be time-consuming.

Archyde News Editor: Looking ahead, what do you foresee for the Tri-Cities real estate market in 2025 and beyond?

Sarah Thompson: The Tri-Cities market is poised for continued stability. While we may not see dramatic price surges, the steady growth in property values suggests a healthy and sustainable market.Demand for housing in the region remains strong, driven by its proximity to Vancouver, excellent schools, and a high quality of life.I expect Port Coquitlam to maintain its momentum, while Belcarra and Anmore will continue to attract luxury buyers. the Tri-Cities is a solid investment for both homeowners and investors.

Archyde News Editor: Thank you, Sarah, for your insights. It’s clear that the tri-Cities remains a standout in the Lower Mainland real estate market.

Sarah Thompson: My pleasure. Thank you for having me.

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This interview provides a thorough analysis of the 2025 property assessments in the Tri-Cities, offering valuable insights for homeowners, buyers, and investors alike.