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

Miscommunication led to three people turned away at pipeline checkpoint: RCMP

Mounties were installing new access procedures after checkpoint was set up for Coastal GasLink site

Pipeline at centre of B.C. conflict is creating jobs for First Nations: chief

All 20 elected band councils along the Coastal GasLink pipeline route have signed benefits agreements

Coastal GasLink makes new request to meet with First Nation pipeline opponents

President writes letter following Premier John Horgan’s comments on law needing to be followed

RCMP create access control checkpoint on Morice West Forest Service Road

Premier says Coastal GasLink project will proceed despite opposition

Horgan says ‘rule of law applies,’ Coastal GasLink will proceed despite protests

The 670-kilometre pipeline is part of a $40 billion liquefied natural gas project

Fashion Fridays: Look your best this year

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Special prosecutor to review Cranbrook toddler drowning case

Evidence disclosure at issue in the case of a woman sentenced for criminal negligence causing death

UPDATE: Supreme Court dismisses B.C.’s appeal in Trans Mountain pipeline case

Judges decide whether B.C.’s power to protect environment can include impeding a federal project

10 B.C. cities break temperature records in winter storm

Quesnel dipped to -41.9 C, breaking a record from 1916

Vancouver Island child struck, pinned under SUV while sledding

Boy suffers serious injuries, no charges laid in incident

Unprepared for chemistry test, B.C. student begs superintendent to call another snow day

The student from West Vancouver promised he would study more, but was distracted by skiing and hot chocolate

Blast of winter continues across B.C., bringing frigid weather and more snow

A number of weather warnings continued Thursday as winter storms continue in B.C.

Over 16,000 people nabbed by RCMP between border crossings in 2019

In 2019, 63,830 claims were filed, up from 55,040 in 2018

Most Read