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

PHOTOS: Windstorm blows through Kelowna

Photos from readers in the Central Okanagan following Wednesday night’s storm

Halloween festivities cancelled at Kelowna’s Orchard Park Shopping Centre

Physical distancing guidelines would not be attainable while holding the annual trick-or-treat event

Strong weekend wind expected in Okanagan

Wind gusts of up to 60 km/hr expected

‘Schools are healthy’: IH medical health officer

Children have a low risk of catching and spreading COVID-19

Historic BC Tree Fruits head office in downtown Kelowna for sale

The company’s CEO said the decision was necessary due to a fickle fruit market

BC Liberal Leader talks drug addiction in the Lower Mainland

Drug addiction and public safety a top priority says Andrew Wilkinson

Kamloops Mounties happened upon alleged gang-related robbery, kidnapping

Michael Mathieson is charged with armed robbery, unlawful confinement and kidnapping

Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

Pandemic derails CP Holiday Train

Canadian Pacific will work to get donations to food banks while also producing an online music concert

Join Black Press Media and Do Some Good

Pay it Forward program supports local businesses in their community giving

Interior Health reports five new COVID-19 cases

Across the region, 34 cases are active

Vanderhoof’s Brian Frenkel takes on top job in tough times

We can get through this, new local government leader says

Local councils important, Horgan says as municipal conference ends

B.C. NDP leader says ‘speed dating’ vital, online or in person

Most Read