2024 property assessments for residential properties in British Columbia are out. Here are the key points:

1. Stabilization of Residential Property Values: The value of residential properties in British Columbia has generally stabilized over the past year. Homeowners can expect modest changes, with most assessments falling in the range of minus five per cent to plus five per cent.

2. Comparison to Previous Years: The 2024 assessment landscape is described as "somewhat boring" compared to previous years, where double-digit increases were observed. In 2023, B.C. home values had risen by an average of 12 per cent from the previous year.

3. Impact of Interest Rate Hikes: Interest rate hikes are identified as a slowing force in the housing market. Consistent market changes across the entire province are attributed to the impact of interest rates, affecting the housing market uniformly without significant locational factors.

4. Regional Variation: The City of Vancouver saw a four per cent increase in the average value of a single-family home. In the Lower Mainland, the Village of Belcarra experienced the largest increase in the value of a single-family home (nine per cent), while the District of Hope saw the largest decline (13 per cent).

5. Condo and Townhome Values: For strata properties like condos and townhomes, the increase was negligible in the City of Vancouver, rising from $804,000 to $807,000.

6. Commercial and Industrial Assessments: While residential values have stabilized, commercial and industrial assessments are rising at a faster pace, especially in the Fraser Valley, attributed to a lack of land.

7. Number of Properties and Total Value: The total number of properties on the 2024 B.C. Assessment roll is 2,184,692, representing a one per cent increase from the previous year. The total value has increased by three per cent to $2.79 trillion.

8. Notable Property: The most valuable residential property in B.C. is mentioned to be the Vancouver waterfront home of Lululemon founder Chip Wilson, valued at $81.756 million.

9. Use of Assessments: B.C. Assessment is the provincial authority determining property values for tax purposes and official records. The assessments are used by the government to provide homeowner grants, offering relief on property tax bills for homes valued under $2.15 million.

10. Concerns about Affordable Housing: Seniors' advocates express concerns about a potential increase in homelessness among people over 60 due to the dwindling stock of affordable housing.

It's important to note that these assessments reflect the market value of properties as of July 1, 2023, and the information provided suggests a trend of stabilization in residential property values.