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

Penticton Indian Band stands in solidarity with the Wet’suwet’en

“We’ve lived in this area for 10,000 years, and our knowledge is being disregarded…” - Chad Eneas.

Techstars Penticton took start-ups from ideas to pitches in 54 hours over the weekend

Local businesspeople worked their ideas to present before a panel of judges.

South Okanagan resident Henry Kriwokon celebrates 100th birthday

Family, friends, police officer and bagpiper gathered at restaurant on Sunday to celebrate milestone

South Okanagan ski hill reports ex-employee to RCMP, closes lift amid investigation

‘We are actively investigating and dealing with the actions of a former employee,’ said the resort

Penticton woman wins $500,000 lotto prize

Anna Fodor collected $500,000 with her winning ticket

VIDEO: Canada’s first presumptive case of coronavirus officially confirmed

Both patient and wife arrived on a China Southern Airlines flight after having been to Wuhan

First-place Canucks beat Blues 3-1 for ninth straight home win

Miller nets pair as Vancouver defeats Cup champs

Swapping grape varieties can help winemakers adapt to climate change: UBC study

Report says 56% of wine-grape-growing regions would be lost if global climate warms by 2 C

Alberta premier wants feds to approve Teck mine for benefit of First Nations

Kenney: ‘Surely [reconciliation] means saying yes to economic development for First Nations people’

Quintet jazzes it up with Okanagan-wide talents

Justin Glibbery group brings twist of jazz and pop

Trans-Canada closed east of Golden due to avalanche hazard

The highway is estimated to reopen around 7 p.m.

Former Hells Angels associate in Kelowna court on gun, drug charges

Former Angels associate Dale Habib appears in Kelowna court

NDP suggests easing secondary housing rules for B.C. farmland

Lana Popham proposes guest homes not just for relatives

After four sexual assaults in the same B.C. park, RCMP ask women not to walk alone

Four sexual assaults took place in Glen Park over two months

Most Read