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)|
“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.”
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.