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

Volunteers counted 644 homeless people in Surrey over 24 hours in March

Data collected helps governments and community agencies help the homeless

Crescent Beach pier closed due to COVID-19 ‘non-compliance’

City of Surrey closure follows recent reports of crowding

Surrey councillor calls for ward system

‘Surrey is ripe for a ward system now,’ Councillor Doug Elford says

White Rock council favours tree canopy over double-deckers

Decision not to prune will limit 354 route to single-decker buses

OUR VIEW: Surrey train tragedy a safety reminder for us all

Summer typically brings cautionary tales

Airlines dispute Dr. Henry’s claim they ‘very rarely’ give accurate COVID contact tracing info

Air Canada, WestJet say they provide names and contact information

Airborne hot dog strikes Greater Victoria pedestrian

Police called to 4200-block of Quadra Street for hot dog incident

Mission’s 7-Eleven defaced with racist graffiti

Racist insults attacking Indo-Canadians ‘shocked’ manager

B.C. scientist, 63, protests in trees set to be removed for Trans Mountain pipeline

Tim Takaro is reaching new heights as he tries to stall the pipeline expansion project in New Westminster

Dwindling B.C. bamboo supply leaves Calgary Zoo biologists worried about pandas

Zoo has been trying to send pandas back to China since May

Dinosaurs revived for animatronic auction in Langley

More than 500 robot dinosaurs, fossils, and exhibition gear are going on the block Aug. 6

UPDATE: Slow growth for wildfire near Harrison Hot Springs

Fire now burns 12 hectares, grew by 2 hectares overnight

B.C. paramedics responded to a record-breaking 2,700 overdose calls in July

Province pledges $10.5 million for expansion of overdose prevention response

Most Read

l -->