BC Assessment projects assessed values of all homes in Chilliwack to change from between -10% and 0% when 2020 assessments come out Jan. 2, 2020. (Greg Laychak/Black Press file)

Projected drop in Chilliwack residential assessed values for 2020

Industrial assessments projected to rise by a provincewide high of up to 35%

Local homeowners won’t see see the double-digit sticker shock in the new year that they saw at the start of 2019 as prices are expected to moderate.

The 2020 property assessments for Chilliwack and Abbotsford are projected to range between a 10 per cent decline in valuations and no change at all when the numbers come in Jan. 2, 2020, according to BC Assessment.

Compare that to Jan. 2, 2019 when the average Chilliwack single family home increased by 10 per cent from $559,000 in 2018 to $613,000. Residential strata homes (condos) increased 23 per cent from $289,000 in 2018 to $355,000 for 2019.

• READ MORE: Average Chilliwack house assessments up 10 per cent

The local prediction of a decline of between 10 per cent and zero per cent this year compares to a predicted drop of up to 15 per cent across the Lower Mainland overall.

This map demonstrates the forecasted ranges of typical changes in 2020 property assessments by region and property type. (BC Assessment)

Homes in Northern B.C. are projected to increase by up to 30 per cent, while the Kootenays could rise by 15 per cent.

• READ MORE: Assessed value of Lower Mainland homes expected to decrease in 2020

“We first saw signs of moderation during the 2019 property assessments,” assessor Tina Ireland said in a press release, speaking of the provincewide numbers. “For 2020 assessments, we are seeing a continued ripple effect of a moderating market expanding across the province.”

Assessed values are based on trends in the real estate market as of July 1, 2019. That being said, the average selling price of a single family home in the Chilliwack and District Real Estate Board in June 2019 was $628,090. In July that dropped to $613,826, and has fluctuated between $606,000 and $628,000 since.

Sale prices often vary significantly from assessed values.

Any increase or decrease in assessed values often leads to the mistaken assumption that homeowners will see a similar increase or decrease in property taxes. What leads to that, however, is how a homeowner’s assessment changes relative to the average change in the community.

One number that stands out in the BC Assessment projected market value changes is that industrial properties in Chilliwack and Abbotsford could increase by as much as 35 per cent, the highest rate in the province. Local commercial properties are slated to increase in value by 10 to 25 per cent, while BC Assessment says commercial properties overall across the Lower Mainland “have stabilized.”

All numbers are preliminary projections only and are subject to change. The final numbers will be released on January 2, 2020. Visit bcassessment.ca on January 2 to access a variety of 2020 assessment information including searching and comparing 2020 property assessments as well as market movement trends.

• READ MORE: Average monthly Chilliwack home price drops to lowest of 2019

• READ MORE: Chilliwack condo sales up 153%


@PeeJayAitch
paul.henderson@theprogress.com

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

 

This map demonstrates the forecasted ranges of typical changes in 2020 property assessments by region and property type. (BC Assessment)

Just Posted

Upper Fraser Valley RCMP re-open community policing offices

CPOs have been closed for weeks in response to the COVID-19 pandemic, but re-opened Tuesday

PHOTOS: Sunbathers soak up the warm weather at Cultus Lake Park

Temperatures reached a high of 25 degrees celsius on Tuesday, marking the hottest day of July so far

RCMP ask for assistance to find missing Chilliwack man

Raymond Gene Jarvis has been missing since early July

Popkum fire chief urges caution after Saturday rescue from Bridal Veil Falls

11-year-old boy was stable, fire chief Walter Roos said, when delivered to a waiting ambulance

City of Chilliwack watching RCMP unionization process carefully

‘We know that this will impact our RCMP contract once an agreement is reached’ – Mayor Ken Popove

Recent surge in COVID-19 cases not unexpected amid Phase Three of reopening: B.C.’s top doc

Keep circles small, wear masks and be aware of symptoms, Dr. Bonnie Henry says

Thousands of dollars of stolen rice traced to Langley warehouse

Police raid seizes $75,000 in ‘commercial scale’ theft case

UPDATE: Mission spray park closed after children suffer swollen eyes, burns

Mission RCMP are investigating incident that injured several children

B.C. NDP changing WorkSafeBC regulations to respond to COVID-19

Employers say reclassifying coronavirus could be ‘ruinous’

Baby raccoon rescued from 10-foot deep drainage pipe on Vancouver Island

‘Its cries were loud, pitiful and heartbreaking,’ Saanich animal control officer says

Statistical flaws led to B.C. wolf cull which didn’t save endangered caribou as estimated

Study finds statistical flaws in an influential 2019 report supporting a wolf cull

Surrey’s first Ethics Commissioner brings ‘objectivity’ to the job

Vancouver lawyer Reece Harding is Surrey’s first Ethics Commissioner, also a first for B.C.

Windows broken, racist graffiti left on Okanagan home

Family says nothing like this has happened since they moved to Summerland in 1980s

19 times on 19th birthday: Langley teen goes from crutches to conquering Abby Grind

Kaden Van Buren started at midnight on Saturday. By 3 p.m. he had completed the trek 19 times.

Most Read