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

North Delta crime beat, week of July 5

A selection of property crimes submitted weekly by the Delta Police Department

South Delta crime beat, week of July 5

A selection of property crimes submitted weekly by the Delta Police Department

Delta heritage committee signs off on request to commemorate Komagata Maru victims

The Descendants of the Komagata Maru Society proposed renaming a park, street or other civic asset

UPDATE: Fatal fire in wooded area on Langley-Surrey border not suspicious, RCMP says

No cause of death announced; investigation continues, say RCMP

Woman receives ‘extremely disturbing sexual threats’ while on bus in Surrey: police

Incident happened July 14 around 11 p.m. after she got on a bus at Newton Exchange

Study suggests 8 times more people in B.C. infected with virus than confirmed

The study looked at anonymous blood samples collected for reasons unrelated to COVID-19

Semi-truck driver charged after six-vehicle leaves several injured near Sicamous

Investigators believe a semi-truck crossed a double solid line along Trans-Canada Highway

Brave 7-year-old boy rescues older child from drowning in Shuswap Lake

RCMP to look into Red Cross award for Ranchero resident Cody Krabbendam

Commons finance committee to begin probing WE Charity’s volunteering contract

Prime Minister Justin Trudeau has admitted he should have recused himself from the decision

Canucks want baby bear cub at Aldergrove zoo named Huggy Bear

Greater Vancouver Zoo recently rescued three grizzly bear cub who need names

Police watchdog probes Vancouver arrest after man on bicycle left with ‘serious’ injuries

Police were searching for a man who was allegedly involved in a prior incident when they saw him on a bicycle

‘We’re not busting ghosts’: Northern B.C. paranormal investigators check out bistro

Paranormal North Coast British Columbia recently checked out PF Bistro at City Centre Mall.

Russian hackers seeking to steal COVID-19 vaccine data: intel agencies

It is believed APT29, also known as ‘the Dukes’ or ‘Cozy Bear’ was responsible

Twitter racing to unravel mystery cyberattack

Some of the world’s most prominent names had their Twitter accounts post invitations for an apparent Bitcoin scam

Most Read