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

5 to 10 cm of snow still coming to Fraser Valley: Environment Canada

Hard to say when the freezing rain will turn to regular rainfall, Environment Canada says

Chilliwack man who sexually assaulted young boys released from prison

Statutory release for Don Putt who Parole Board calls an ‘untreated sex offender’

From the Chilliwack Progress Archives: Is that Bill on that car?

Bringing you highlights from 128 years of Chilliwack Progress news coverage.

Abbotsford bank ATM robbery thwarted by woman standing her ground

Police arrest alleged known robber running down South Fraser wearing balaclava

From the Chilliwack Progress Archives: Young hurt by flu bug

Past mirrors present as Chilliwack wrestles with a flu bug in January of 1979.

Canada to bolster screening of central China passengers for virus at 3 airports

Additional measures will include messaging on arrivals screens in Toronto, Montreal and Vancouver

Canada Post driver in hospital after ice smashes windshield at Massey Tunnel

Incident happened on Richmond side of the Massey Tunnel

B.C. society calls out conservation officer after dropping off bear cub covered in ice

Ice can be seen in video matted into emaciated bear cub’s fur

Calls for dialogue as Coastal GasLink pipeline polarizes some in northern B.C.

Coastal GasLink is building the 670-kilometre pipeline from British Columbia’s northeast to Kitimat on the coast

Closed mills, housing surge support a positive forecast for lumber industries

B.C. lumber producers have closed mills accounting for 18% of province’s capacity, RBC report says

Good Samaritan pays part of rent for B.C. woman facing eviction in can-collecting dispute

Zora Hlevnjak, 76, supplements her pension by collecting cans and receiving public donations

Should winter tires be mandatory in the Lower Mainland?

ICBC dial-a-claims go up as winter storm takes toll

Kelowna’s ‘Baby Mary’ finds biological parents after more than 30 years

Geneologist and DNA test helped her connect with her biological parents

Fire truck, police car hit in chain of crashes on Hwy. 99

‘People weren’t paying attention,’ says Surrey assistant fire chief

Most Read