Assessed value of Lower Mainland homes expected to decrease in 2020

Other areas of province may see modest increases over last year’s values

The assessed values of single family homes and condos in the Lower Mainland are expected to drop by up to 15 per cent next year, according to BC Assessment.

In a release on Dec. 9, the British Columbia Assessment Authority also predicted little to no change in the assessed values of commercial properties in B.C. in 2020, and modest increases over last year’s values in other markets across the province.

For example, the assessed values of commercial properties in Northern B.C. are projected to increase by up to 30 per cent and the assessed values of homes in the Kootenays are expected to increase by up to 15 per cent.

See the BC Assessment map below for all of the forecasted changes for 2020 property assessments.

All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020. (BC Assessment map)

READ MORE: Property values released by B.C. Assessment

“Changes in property assessments really depend on where you live,” Assessor Tina Ireland said in the release. “For example, assessed values of homes in many areas of Metro Vancouver will see a softening in value, while other markets and areas of the province will see minimal change and even modest increases over last year’s values.”

READ MORE: 2017 BC Assessment values now available online

All B.C. property owners will receive their finalized annual property assessment notice in early January 2020. However, they are based on what was happening in the real estate market as of July 1.

“When properties similar to your property are sold around July 1, those sales prices are used to calculate your assessed value,” Ireland said. “Our job is to make sure your assessment is fair and accurate as compared to your neighbours.”

BC Assessment is providing notification letters during December to property owners whose assessments are changing significantly more than the average change.



karissa.gall@blackpress.ca

Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Naked Naturals has tentative deal for $2.5M purchase of town-owned in Qualicum Beach

Business plan includes a new grocery store, 32 units of rental housing and parking

Johns talks grants, veteran housing pilot with Qualicum Beach council

MP says he will help push for funding at the federal level

Parksville kids shovel neighbourhood driveways during snow day

Group of youngsters will donate the $185 raised to charity

Parksville man, 94, among oldest members of the Submariners Association of Canada

Ian Hopkins spent time in the Arctic in a submarine in the 1940s with the Royal Navy

Kids across Canada more at risk of hospitalization from flu this season: doctor

Dr. Theresa Tam said influenza B does not usually peak until February or later

Crown won’t appeal sentence in child sex assault case of former Burns Lake mayor

B.C. Prosecution Service said sentence doesn’t meet standard for appeal

Kelowna’s ‘Baby Mary’ finds biological parents after more than 30 years

Geneologist and DNA test helped her connect with her biological parents

B.C. offers $5 million equipment loan program to help ailing forest contractors

Local politicians in Port McNeill and Campbell River says local economies are struggling

Vancouver Island distillery wins award for best Canadian rye whisky

Shelter Point cleans up at Canadian Whisky Awards

Kelowna hotel to award couples for baby-making with Nooner deal

The deal includes a free stay every Valentine’s Day for the next 18 years

Clerk bruised, traumatized after armed robbery at Nanaimo liquor store

Few details on male suspect in Wednesday incident, says Nanaimo RCMP

One last blast of winter tonight for parts of the Island before temperatures on the rise

A snowfall warning is in effect Friday including east Vancouver Island.

RDN looking at upgrading or relocating north Nanaimo transit exchange

Current bus loop at north Nanaimo mall at capacity, says staff report

Most Read